Callouts & quotes from 2,037+ activist slides

"This is a Board that allows management to make promise after promise after promise, but seemingly has no desire to hold management accountable."

"We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability."

"We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability."

"‘The BoD regularly reviews its leadership structure’: failure to correct confirms lack of independent oversight — BlackRock Board of Directors"

"Spruce Point has serious concerns with Mr. Starrett who has served as Chairman of the Board since 2012 and as member of the Board since 2011."

"Ultimately, we believe that the Company's failure to achieve its potential is the result of a Board that has not held management accountable."

"FMCN's 2009 disposal of Tou Jia (aka “Tuojia”), a small traditional outdoor billboard company, for zero consideration also seems unjustified."

"[Crown Castle] has been flagged for an entrenched board as around 50% (as of March 2020) of its members have a tenure of more than 15 years."

"We believe majority support for this proposal will send a clear and direct message to the Board to eliminate the dual-class share structure."

"We urge DG's Board of Directors to formally propose this spin-off plan at the Company's next annual general meeting of shareholders ("AGM")."

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"After working with Elliott, Marathon Petroleum's Board and management acted decisively to create a more focused and efficient organization."

"Rather than look out for the best interests of shareholders, it appears that Darden's Board has taken steps to further entrench themselves."

"Rather than look out for the best interests of shareholders, it appears that Darden's Board has taken steps to further entrench themselves."

"Coffman's extensive executive level operating experience in the refining industry would make him a valuable addition to the Phillips Board."

"On the full board, there are no international marketing nor digital experts; only one outside director is from a consumer goods background."

"The irony is that the Board is now taking credit for how much it “values refreshment” and how it is composed of a group of “change agents.”"

"The magnitude and growth of Agrium's corporate overhead illustrates several key shortcomings and raises questions regarding board oversight"

"Trian recommends that the Board take the following actions*: Strengthen management by immediately bringing back Chuck Bunch as Chairman/CEO"

"There are Multiple Pathways for BMC to Create Significant Value for Stockholders - All of Which Can be Explored With a More Impactful Board"

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"Coffman's extensive executive level operating experience in the refining industry would make him a valuable addition to the Phillips Board."

"A New Mandate at DSP is Required to Ensure Alternative Viewpoints are Allowed to Be Introduced and are Properly Considered in the Boardroom"

""Right now, the retailers, they're doing better in this round of the fight," — Warren Buffett, investor and board member of Kraft Heinz Co."

"Time To Exercise The Clawback Provision? Why The Board's Lack of Financial Sophistication Is Enabling Insiders To Reap Unjust Compensation"

"Shareholders can act today by voting on the GOLD proxy card to elect all four of Elliott's nominees to the Phillips 66 Board of Directors."

"Shareholders can act today by voting on the GOLD proxy card to elect all four of Elliott’s nominees to the Phillips 66 Board of Directors."

"Based on Mr. Peltz’s track record, he’s not a short-term guy. When he gets on a Board, they stay in the stock for an average of 5.6 years."

"Disney's Board would seemingly rather spend ~$40mm of shareholders' money than invest a little time to ask questions about their candidacy"

"Over the intermediate-term, with a revamped Board and c-suite, we believe Forward Air's value creation opportunity is $140-$145 per share."

"The Board reached out to Mr. Iger and hired him back over one weekend, calling into question whether any other candidates were considered."

"it is difficult to believe that Telia’s current board is so equivocal about whether Telia engaged in large scale corruption in Azerbaijan."

"If elected, Nelson’s first action as a P&G Director would be to recommend that the Board reappoint the P&G nominee who was not re-elected"

"Why were these sales not reported in Form 4's? Baker Hughes still had Board representation during these sales and no Form 4's were filed."

"It is not surprising that a management team and Board that don't understand basic refining accounting are overseeing lagging performance."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"Twist’s CEO allegedly instructed senior staff to not discuss operational details with a board member representing a key Chinese investor"

"I think that what Nelson is doing is trying to get things to be as good as possible at DuPont. I think they should put him on the board."

"I think that what Nelson is doing is trying to get things to be as good as possible at DuPont. I think they should put him on the board."

"Ms. Landry will be an invaluable addition to Norfolk Southern’s Board, given her differentiated skillset and highly relevant experience."

"Thoughtful Multi-Year Board Refreshment In Process And Largely Completed Before Starboard Appeared — Excerpt from Huntsman Investor Deck"

"There is already an independent Board in place. Vivendi’s campaign and nominees proves that Vivendi simply wants a Board it can control"

"We anticipate that the Board and Mr. Simmons will try to avoid accountability by suggesting change will disrupt the Company’s pipeline."

"MANAGEMENT AND THE BOARD’S FAILURE TO CALL THE SPECIAL MEETING IN A TIMELY MANNER IS AN EGREGIOUS ACT OF SHAREHOLDER DISENFRANCHISEMENT"

"Either the board supports these actions or has lost control of the management team. Under either scenario, significant change in needed"

"Either the board supports these actions or has lost control of the management team. Under either scenario, significant change in needed"

""when it came to serious discussions, I [Schoen] recommended to the board that we look at all our alternatives." — Chairman Bill Schoen"

"The actions of Southwest’s Board and management team since we published our views have only solidified the case for leadership change."

"Engine's highly qualified nominees will inject fresh ideas, a shareholder perspective and deeply relevant expertise into the boardroom"

"Engine's highly qualified nominees will inject fresh ideas, a shareholder perspective and deeply relevant expertise into the boardroom"

"The actions of Southwest’s Board and management team since we published our views have only solidified the case for leadership change."

"Rupert Morley, upon his re-election, will replace Anne Farlow as Chairman of the Board as of the Annual General Meeting on May 8, 2024"

"The actions of Southwest’s Board and management team since we published our views have only solidified the case for leadership change."

"Our strong business performance has driven total shareholder returns that have outperformed our peers. — Autodesk Board and Management"

"For the five years prior to Starboard’s 13D, Office Depot’s stock declined by 87%, compared to the 75% increase since our 13D filing."

"We believe it is clear that the Board approved the $500 million Preferred Financing to “buy the vote” and dilute common stockholders."

"Shareholders should not allow Tessera to once again be run by a controlling Chairman. Shareholders need to have an independent Board."