Callouts & quotes from 2,037+ activist slides

"It is imperative for the Board to act now to change UNP's leadership in order to capitalize on the "golden age of railroading growth""

"Oatly investors should be concerned that founder Oste, who is also on the Board, is working to develop competitive products to Oatly."

"To rebuild confidence and ensure effective leadership, Kao must take decisive steps to strengthen its Board and governance practices."

"The Board & Management’s myopic focus on EBITDA growth has failed: over the last 10 years, total shareholder return has increased <1%"

"The Proxy states that as long as Apollo meets certain ownership thresholds Apollo has the right to designate members to the HGV Board"

"Spruce Point is calling for an immediate Board investigation into the SD&A transaction and the dismissal of CEO Krone and CFO Reagan."

"Peltz or Trian involvement on boards resulted in TSR underperformance versus the S&P 500 in ~68% of cases. — VoteDisney.com, 02/28/24"

"Peltz or Trian involvement on boards resulted in TSR underperformance versus the S&P 500 in ~68% of cases. — VoteDisney.com, 02/28/24"

"We are here today because we believe Arconic’s management isn’t succeeding at any of these tasks and yet the Board has failed to act"

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"Agrium for years ignored basic, shareholder-friendly changes until pressured to do so. An enhanced board can unlock even more value."

"We believe the root cause of Disney’s underperformance is poor oversight from a Board that lacks focus, alignment and accountability"

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"We believe the root cause of Disney’s underperformance is poor oversight from a Board that lacks focus, alignment and accountability"

"To ensure equitable and effective executive compensation, we believe a board's Compensation Committee must prioritize the following:"

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"Given AOL's prior statements, we question whether the Company would have taken any of these actions without Starboard's involvement."

"Management expected doses sold to increase every year after 2023 — Starboard Value (annotating Pfizer Q4 2022 Earnings Presentation)"

"Incumbent Board has lost all credibility and it would be reckless to leave those that created this situation in charge of fixing it"

"If elected to the Board, Trian’s nominees will ensure that Disney articulates a DTC strategy that provides clarity on these topics:"

"If elected to the Board, Trian’s nominees will ensure that Disney articulates a DTC strategy that provides clarity on these topics:"

"the Board has no appetite for M&A — Colleen Moorehead (Chair). The Board’s priority is to reduce debt. — Colleen Moorehead (Chair)."

"Elliott played a significant role in encouraging the change in Brocade's management and in laying out the opportunity for the board"

"At Phillips 66, the Board has consistently awarded above-target bonuses even when management failed their cost-control objectives."

"Target's incumbent board beneficially owns less than 0.3% of Target. By contrast, Pershing Square beneficially owns 7.8% of Target"

"Chairman Cole has since scrubbed his biography of this role at Redcentric while leaving other former Board roles on his biography."

"We look forward to discussing our proposed approach with the Board and management team and hope to meet in the next several weeks."

"The inconsistency between these two peer sets raises questions as to how the Board selects peers and whether they are appropriate."

"The appointment of the CEO of the world’s largest oil producer to BlackRock’s board undermines its own stated climate commitments."

"Bilge Ogut and Jean-Baptiste Wautier joined the Board of Directors in 2025 while Bronwyn Curtis and Tope Lawani departed the Board"

"“Zuckerberg’s Pal” and “Zuckerberg’s Friend” — Media reports regarding Dropbox CEO Drew Houston's appointment to Facebook's board."

"We believe the Board needs to actively hold management accountable for earning appropriate returns on R&D and M&A moving forward."

"Incumbent Board also failed to plan for succession, leaving Campbell without a permanent CEO at a crucial juncture in its history"

"FMCN attempted to pull a Jedi mind trick by referring to the roughly 30,500 cardboard posters as “LCD 1.0 picture frame devices.”"

"His CV states he is on 10 other boards, and his UMD site suggests that he oversees ~30 post-docs, grad students, and researchers."

"After years of receiving unrestricted stock, Hess's current Board members have similar upside to Shareholder Nominee compensation"

"The turnaround at P&G is a case study on how Trian's involvement at the board level can help a company unlock its full potential."

"Time is running out: vote the GOLD card FOR Elliott's four highly qualified board nominees and corporate governance enhancements."

"We believe the Board needs to actively hold management accountable for earning appropriate returns on R&D and M&A moving forward."

"The turnaround at P&G is a case study on how Trian’s involvement at the board level can help a company unlock its full potential."

"Is this a truly independent Board that is willing to ask the difficult questions and hold management accountable to shareholders?"

"We would question why the Board and management are so satisfied with returns that can only be charitably referred to as mediocre."

"In recent years, we have pushed the [soup] business too hard on pricing and margin. — Board member & interim CEO Keith McLoughlin"

"“is the most attractive transaction available” — Capricorn Board; “either return it or do something else with it” — Capricorn CEO"

""Engine requisitioned a special meeting of shareholders, and the Company promptly set a meeting for August 20, 2024." — DND Board"

"Like in a banana republic, the Board is playing tricks with the corporate machinery to ensure its reelection and remain in power."

"BE SHARPER. Clarify total company and category-specific strategies, improve transparency, add food & beverage expertise to Board"

"The incumbent Board is pushing a false narrative that does not include the elimination of gestation crates from its supply chain"

"We did not do enough to keep our soup products and brands relevant with consumers. — Board member & interim CEO Keith McLoughlin"

"Darden’s comp practices raise serious concerns about the oversight of the current Board and Darden’s proposed slate of nominees"

"Darden’s comp practices raise serious concerns about the oversight of the current Board and Darden’s proposed slate of nominees"

"Almost one month after this announcement, Lorenzo Simonelli, Chairman and CEO of Baker Hughes, stepped down from C3.ai's Board."

"Vote the GOLD card FOR Elliott’s highly qualified board nominees and proposal calling for annual elections for all board seats."

"Vote the GOLD card FOR Elliott's highly qualified board nominees and proposal calling for annual elections for all board seats."

"We believe that the best way to do this is to make underperforming management teams and boards accountable or to replace them."

"Your vote can help Phillips 66 improve operations, strengthen Board accountability and increase the value of your investment."

"The data does not support the board's argument that the integrated strategy results in superior returns over the long-term..."

"That being said, it appears that RedChip has more at stake than at least two of Nova’s Board members, including the Chairman."