Callouts & quotes from 486+ activist slides

""Nelson Peltz seeks to understand other points of view as much as he seeks to be heard. He is an active listener. Having been a CEO, Nelson also has a healthy respect for the difficulties and challenges of leading large public companies...Nelson is collaborative by nature – he is always searching for the best ideas. That makes him a great change agent." — Dennis Reilley, Former Chairman and CEO, Praxair, Inc., current Chairman of Marathon Oil Corporation, and Director of Dow Chemical Company and Covidien Ltd., and current Trian Advisory Partner"

"Nelson Peltz and I served together on the Heinz board beginning in 2006 and have remained in touch since the company was sold in 2013. Nelson was an insightful and constructive presence on the Heinz board. He approached board and management relationships professionally and collegially. Nelson, in concert with other members of the Heinz board, made excellent strategic and operational recommendations and decisions which helped move Heinz forward. — Charles E. Bunch, Chairman and CEO, PPG Industries, Inc., and former Director of H.J. Heinz Company"

"“Nelson Peltz seeks to understand other points of view as much as he seeks to be heard. He is an active listener. Having been a CEO, Nelson also has a healthy respect for the difficulties and challenges of leading large public companies...Nelson is collaborative by nature – he is always searching for the best ideas. That makes him a great change agent.” — Dennis Reilley, Former Chairman and CEO, Praxair, Inc., current Chairman of Marathon Oil Corporation, and Director of Dow Chemical Company and Covidien Ltd., and current Trian Advisory Partner"

"Nelson Peltz and I served together on the Heinz board beginning in 2006 and have remained in touch since the company was sold in 2013. Nelson was an insightful and constructive presence on the Heinz board. He approached board and management relationships professionally and collegially. Nelson, in concert with other members of the Heinz board, made excellent strategic and operational recommendations and decisions which helped move Heinz forward. — Charles E. Bunch, Chairman and CEO, PPG Industries, Inc., and former Director of H.J. Heinz Company"

"“We showcased several innovative technologies at Labelexpo... The second innovation is Fasson Curve appeal, which will enable consumer packaged goods companies to label containers with complex curves, where today the only option is shrink sleeve.” — Former CEO and Chairman Dean Scarborough, Q3 2010 Conf Call. "The clearest threat to Avery has been the growth of shrink sleeves. It’s a container that’s fully decorated where the full bottle is covered by a plastic label and shrunk with heat." — 50 Year Pressure Sensitive Industry Label Expert."

"“Given the fact, to your question, you don’t have a policies-governed reporting system, it doesn’t make me fall off my chair that it is indeed possible to manipulate the numbers. Absolutely, absolutely. It is, it is the manual way things are put together. By design it is possible... I’m running a company of [far fewer employees]... Even in my company, I have no doubt that I could not [manipulate numbers].” — Source A; “I’m not saying it is happening, but there are definitely opportunities to change or manipulate data.” — Source B"

"“CSIM believes that the board is typically best positioned to determine its leadership structure. Therefore, CSIM will typically not support proposals requiring the separation of these roles unless certain circumstances are in place.” — Charles Schwab Investment Management. “We will generally vote for proposals looking to separate the CEO and Chairman roles unless the company has governance structures in place that can satisfactorily counterbalance a combined chairman and CEO/ president post.” — JP Morgan Asset Management."

""This alliance is a critical addition to our industrial asset management capabilities as we continue to strategically invest for growth by delivering integrated APM solutions for our energy and industrial customers. We share the same strategic vision of combining critical equipment engineering with digital analytics, and Augury also has broad technology and skillsets that complement our existing offering to improve efficiencies, productivity and operational excellence." — Lorenzo Simonelli, chairman and CEO at Baker Hughes"

"“The turnaround would be astonishing in any industry, but especially in the beverage-marketing business, where short-lived brands are depressingly common... I posed those questions to Triarc’s top executives: chairman and majority owner Nelson Peltz, CEO Mike Weinstein... There is a vital interplay between the challenge a brand faces and the culture of the corporation that owns it. When brand and culture fall out of alignment, both brand and corporate owner are likely to suffer...” — John Deighton, Harvard Business Review"

"“Indicative of the strength within our portfolio is the performance of our 50 most productive United States centers. These properties generated average sales per square foot of approximately $648. Not only do these 50 centers produce tremendous sales per square foot, they also represent approximately 50% of our total mall NOI. This is one more example of the quality of our portfolio, and quality will be more important than ever as we move forward in 2008 and 2009.” — John Bucksbaum, Chairman and Former CEO, July 31, 2008"

"“Based on our confidence in ozanimod’s potential, we are raising our 2020 revenue targets to more than $21 billion…it’s an incredibly exciting time for Celgene as we continue to invest in our future and accelerate growth potential through 2020 and beyond.” — Bob Hugin, Chairman & CEO, July 2015; “We believe that ozanimod has the potential to generate peak sales in the range of $4 billion to $6 billion annually in just the initial indications.” — Scott Smith, President – Global Inflammation & Immunology, July 2015"

""[O]ur performance was strengthened by our guiding principle to always attack waste... This included an effort to begin rationalizing our facilities and organizational assignments to drive unnecessary expense out of the business and to improve our customer intimacy by delayering the organization. We remain focused on executing our global pipeline of opportunities to improve our efficiency and reduce our waste. This will remain a major focus in fiscal year '08 and beyond." — Tony Aquila, CEO, President, Chairman"

""[Bob] Iger had personally selected every member of the board, which is surprisingly lacking in media and entertainment experience. Iger is personally close with several of them, including Nike Executive Chairman Mark Parker and General Motors CEO Mary Barra [who is on Disney's Compensation Committee]. In addition, the wife of another director, Michael Froman, then vice chairman of Mastercard and now president of the Council on Foreign Relations, had been housemates with Iger's wife..." — CNBC, September 2023"

""We have had this strategic transformation... underway really going back... since I became Chairman... In fact, Elliott got on the train after it really left the station... This is a culmination of a multi-year strategy..." — John Hess, March 2013; "Absolutely, that is the correct understanding of my remarks, that the major moves to reshape our portfolio in terms of divestiture to complete the strategic reshaping of our portfolio, will have been completed by the end of 2013." — John Hess, January 2013."

"CSIM believes that the board is typically best positioned to determine its leadership structure. Therefore, CSIM will typically not support proposals requiring the separation of these roles unless certain circumstances are in place. — Charles Schwab; We will generally vote for proposals looking to separate the CEO and Chairman roles unless the company has governance structures in place that can satisfactorily counterbalance a combined chairman and CEO/ president post. — JP Morgan Asset Management"

""Allegion was spun-off from Ingersoll Rand in December 2013. As an Ingersoll Rand board member, Nelson worked with us to craft a shareholder friendly governance structure that is an important element in keeping our leadership accountable for performance as a standalone entity. Nelson Peltz, the Trian team and Allegion believe that good corporate governance and good operational results go hand in hand. The results speak for themselves." — David Petratis, Chairman, President and CEO, Allegion, plc"

"Allegion was spun-off from Ingersoll Rand in December 2013. As an Ingersoll Rand board member, Nelson worked with us to craft a shareholder friendly governance structure that is an important element in keeping our leadership accountable for performance as a standalone entity. Nelson Peltz, the Trian team and Allegion believe that good corporate governance and good operational results go hand in hand. The results speak for themselves. — David Petratis, Chairman, President and CEO, Allegion, plc"

"Allegion was spun-off from Ingersoll Rand in December 2013. As an Ingersoll Rand board member, Nelson worked with us to craft a shareholder friendly governance structure that is an important element in keeping our leadership accountable for performance as a standalone entity. Nelson Peltz, the Trian team and Allegion believe that good corporate governance and good operational results go hand in hand. The results speak for themselves. — David Petratis, Chairman, President and CEO, Allegion, plc"

""We're very excited, and I feel more confident today than I ever have about the future. I know that's something that everybody always says. But why do I feel that, I feel that because we have more control of these issues...there are going to be headwinds here and there. But what we can control, what we're focused on as a company, and what we're able to do, I think, puts us in a unique opportunity to further transform this business." — Peter Huntsman, Chairman, President & CEO, November 2021"

""as an important step towards its aim of having developed 50GW of renewable power by 2030" — BP Press Release; "exactly the right person at exactly the right time, a globally respected and deeply experienced leader in renewable energy with a proven track record of transforming and growing businesses" — former CEO Looney; "be available to address shareholders' concerns which have failed to be resolved by the chair, CEO or CFO or for which such contact is inappropriate" — BP governance (2024)"

""We're very excited, and I feel more confident today than I ever have about the future. I know that's something that everybody always says. But why do I feel that, I feel that because we have more control of these issues...there are going to be headwinds here and there. But what we can control, what we're focused on as a company, and what we're able to do, I think, puts us in a unique opportunity to further transform this business." — Peter Huntsman, Chairman, President & CEO, November 2021"

""[O]ne of the things about Alcoa Corp. that is fundamentally different than Alcoa Inc. is that we were given the opportunity to come out with a much better governance structure. So as a new company, we separated the Chairman and the CEO role. I personally believe that's the right way to have the business set up.... In addition to that, we've decided to incorporate in Delaware.... Delaware is much more shareholder-friendly." — William F. Oplinger, CFO Alcoa Corp., November 16, 2016"

"While our termite business has been growing by double digits for several years in a row now, termite damage claims as well as any related to litigation have declined year-by-year reaching our lowest level in recent history during 2021. To be more specific, termite damage claims received have declined from a high of 9,349 to the low of 380 new claims received this past year, while at the same time, revenue from termite has tripled. — Wilson, Vice Chairman, Q4 2021, Jan 26, 2022"

"We believe the spin-off, which is the result of an in-depth review of strategic alternatives by our Board and management, will allow both companies to enhance value by allocating capital and deploying resources in a more focused way, while preserving and increasing synergies within their businesses. At the same time, it will position the new security company to build scale and make the necessary investments for the future. — Michael W. Lamach, IR Chairman & CEO, Dec. 10, 2012"

""Why don't we take ads? I think the format of ads on mobile phones is not mature yet. Furthermore, there is a fundamental conflict between our safety service, by its very nature, and the advertising model. If you want to target ads accurately, there will be privacy issues." — Yu Lin, NQ founder and chairman. "Q1 is typically seasonally lower in enterprise and advertising. Yet we are seeing continued strength in these businesses, sequentially." — Omar Sharif Khan, Co-CEO."

""I said to another CEO, who I won't name who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first directors I'd ask to serve because he is an insightful, communicative, enthusiastic, energetic and available director." — William R. Johnson, Former Chairman and CEO, H. J. Heinz Company, current Director of Emerson Electric Co., United Parcel Service, Inc. and PepsiCo, Inc., and current Trian Advisory Partner"

"I said to another CEO, who I won’t name who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available director. — William R. Johnson, Former Chairman and CEO, H. J. Heinz Company, current Director of Emerson Electric Co., United Parcel Service, Inc. and PepsiCo, Inc., and current Trian Advisory Partner"

"I said to another CEO, who I won’t name who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available director. — William R. Johnson, Former Chairman and CEO, H. J. Heinz Company, current Director of Emerson Electric Co., United Parcel Service, Inc. and PepsiCo, Inc., and current Trian Advisory Partner"

"“...Norfolk Southern's contractors' recommendation to conduct a controlled burn lacked sufficient scientific basis, disregarded available temperature data, and contradicted expert feedback from the shipping firm on site.” — Senator JD Vance. “That's correct.” — Chair Jennifer Homendy. “This town very well may have been poisoned to facilitate the rapid movement of freight, or at the very least it was poisoned for reasons that we can't identify.” — Senator JD Vance."

"“Shortly following my appointment to the board of Tessera in September 2013, Starboard served notice to Tessera desiring to replace a majority of the Board... Starboard has proven to be highly ethical and constructive in their approach to board oversight and governance and, without exception, has done whatever is best for the long-term interests of the company and its shareholders.” — Rick Hill, Chairman of Tessera Technologies and former CEO of Novellus Systems"

"“Shortly following my appointment to the board of Tessera in September 2013, Starboard served notice to Tessera desiring to replace a majority of the Board... Starboard has proven to be highly ethical and constructive in their approach to board oversight and governance and, without exception, has done whatever is best for the long-term interests of the company and its shareholders.” — Rick Hill, Chairman of Tessera Technologies and former CEO of Novellus Systems"

""Our weight accounted for 70% of the total [performers], and any of the names that were mentioned on the platform, everyone knew they were from our company," — a senior talent manager. "It's like this," he told our investigator. "plainly speaking... because Mr. Li's [Chairman David Li's] support for our company is so great, all of our three channels were provided by Mr. Li for free. We did not spend any money [to buy them]." — Anonymous investigator source."

"To expose the true nature of BlackRock's argument as entirely pretextual, on the 5th of April 2024, Bluebell Capital Partners has informed BlackRock (see Appendix 1) that it is prepared to withdraw our proposed to amend by-law, subject to the following condition: BlackRock must irrevocably commit to adopting a policy that mandates an independent board chair, effective BlackRock AGM 2025, with the announcement to be made to the market by April 15, 2024."

""We consider the recent drop in NQ Mobile's share price to be artificially created by false allegations and we believe our stock to be currently undervalued," commented Dr. Henry Lin, Chairman and Co-CEO of NQ Mobile. "The plan to purchase NQ Mobile shares by the NQ Mobile senior management team demonstrates our strong confidence in the company and reflects our commitment to executing our business plan and delivering shareholder value." — Dr. Henry Lin"

""We welcome Trian’s return as a significant Legg Mason shareholder and the addition of Nelson and Ed to our Board of Directors. Their experience in the asset management industry will be valuable as we pursue our common goal to increase value for Legg Mason clients and shareholders. We look forward to working closely and constructively with Nelson and Ed to achieve this objective." — Joseph A. Sullivan, Legg Mason's Chairman and Chief Executive Officer"

"[I]t is unusual for an executive chairman to be compensated at a significantly higher level than the company’s CEO and the proxy does not provide a compelling reason for this arrangement... The proxy does not adequately explain why investors should bear the costs for him to remain the most highly compensated NEO even when his apparent role and responsibilities within the company are reduced. — Institutional Shareholder Services – 2021 Disney Report"

"General Recommendation: generally, vote FOR shareholder proposals requiring that the Board Chair position be filled by an Independent Director, taking into consideration the following: the scope and rationale of the proposal; the company's current Board leadership structure; the company's governance structure and practices; company performance; and any other relevant factors that may be applicable. — ISS United States - Proxy Voting Guidelines"

"General Recommendation: generally, vote FOR shareholder proposals requiring that the Board Chair position be filled by an Independent Director, taking into consideration the following: the scope and rationale of the proposal; the company's current Board leadership structure; the company's governance structure and practices; company performance; and any other relevant factors that may be applicable. — ISS United States - Proxy Voting Guidelines"

""Chris has had a solid track record of success in achieving operational excellence and financial performance. Given Chris's significant leadership skills and relevant industry experience, we believe he is the ideal choice to drive improvements in the business and further develop our brand while delivering a consistently superior customer experience for all existing and prospective customers." — John J. Anton, Chairman of WireCo, May 15, 2013"

""These independent directors agreed to join our board, because they believe in our outstanding plan, and they recognize that our plan is the right plan for all of our shareholders. We have had this strategic transformation, as my remarks noted, underway, really going back...since I became Chairman...In fact, Elliott got on the train after it really left the station...This is a culmination of a multi year strategy..." — John Hess, March 2013"

"“So I'll end my remarks on where I started with wanting this slide to be emblazoned in your mind. Again, as I look at the 4 steps that I think get this company another $20 to $30 a share, I think that these are all eminently doable... And more importantly than anything I can say up here, I'm obviously not only have I drank the Kool-Aid, but it actually tastes great, and I'm a believer.” — Peter Huntsman, Chairman, President & CEO, May 2018"

""I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Former Chairman & CEO of Marathon Petroleum, May 8, 2019; "[W]e are excited about the industry-leading small cell business in the U.S. that complements our tower business and provides substantial potential upside to our 5G growth strategy." — Jay A. Brown, Former President & CEO of Crown Castle, October 22, 2020"

""I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Former Chairman & CEO of Marathon Petroleum, May 8, 2019; "[W]e are excited about the industry-leading small cell business in the U.S. that complements our tower business and provides substantial potential upside to our 5G growth strategy." — Jay A. Brown, Former President & CEO of Crown Castle, October 22, 2020"

"straight 9 to 12 months. Because you know what, in that short space of time, by making that commitment, you are going to create a foundation for life. Absolutely. Not just for yourself, but a legacy, a legacy for your family, for your children, and their children’s children. — Herbalife independent distributor audiovisual presentation (11-28-11). Online Business Systems is an Herbalife affiliate overseen by Shawn Dahl (Chairman’s Club)."

"straight 9 to 12 months. Because you know what, in that short space of time, by making that commitment, you are going to create a foundation for life. Absolutely. Not just for yourself, but a legacy, a legacy for your family, for your children, and their children’s children. — Herbalife independent distributor audiovisual presentation (11-28-11). Online Business Systems is an Herbalife affiliate overseen by Shawn Dahl (Chairman’s Club)."

""They all want to be omnichannel, which means that they want to gravitate towards brick and mortar over time...ALEX AND ANI, Amazon Books, Aritzia, b8ta, Ballard Design, Blue Nile, Drybar, Dyson, E.I.F Cosmetics, Frye, Kendra Scott, Monica & Andy, Morphe, Nespresso, NYX, Peloton, Sage, Shinola, SoulCycle, Superdry, UNTUCKit and Warby Parker." — Arthur Coppola, Chairman & CEO of Macerich, Macerich Q3 2017 Earnings Call, October 31, 2017"

"We have received investor feedback advising it would be best for us to eliminate the related party obligations, expenses, balances, and reporting associated with Cuattro since 2013. The Transactions address these concerns and are in the best interest of our stockholders. We believe the Transactions will eliminate distractions and allow us to more strongly focus on our collective success in 2019 and beyond. — Scott Humphrey, Heska Chair"

"“...we got to the latter part of January and spent a good part of February trying to figure out what the heck was going on and what we had to do.” — Dave Cote, Executive Chairman; “In short, we screwed up... We significantly underestimated the magnitude of the material and freight inflation...” — Robert Johnson, CEO; “Some of you may be wondering why I don't get more involved. The answer is, I have...” — Dave Cote, Executive Chairman"

"We consider the poor functioning of the Board, and the lack of proper oversight to the point of not even acknowledging “Greenwashing” as a specific risk category, particularly alarming: this is especially true when considering that the “Greenwashing” risk has been arguably increased by the numerous statements around ESG personally made over the years by CEO and Chair Mr. Fink, which are inconsistent with BlackRock actual practices"

"We consider the poor functioning of the Board, and the lack of proper oversight to the point of not even acknowledging “Greenwashing” as a specific risk category, particularly alarming: this is especially true when considering that the “Greenwashing” risk has been arguably increased by the numerous statements around ESG personally made over the years by CEO and Chair Mr. Fink, which are inconsistent with BlackRock actual practices"

"BlackRock is a textbook example of bad corporate governance due to an oversized Board (16 directors vs. the S&P500 average of 10.8), low women representation (31% vs. the S&P500 average of 33%), long tenure of directors as a symptom of lack of independence (10 yrs vs. the S&P500 average of 7.8 yrs), low presence of independent directors (81% vs. the S&P500 average of 85%), and above all, a Chairman who is also the CEO (Mr. Fink)."

"“Nelson Peltz and I worked closely together on the Legg Mason board. As a board member, Nelson was focused on improving operating results and strategy. There is no doubt that Nelson was an important contributor to Legg Mason’s turnaround.” — John T. Cahill, Chairman and CEO, Kraft Foods Group, Lead Independent Director of American Airlines Group, Inc., Director of Colgate-Palmolive Company, and former Director of Legg Mason, Inc."

"“...we benefited this past quarter from a continued spike in our component MDI. We said in our third quarter call that we believe we benefited by approximately $40 million of extra margin due to this temporary spike...We believe that the fourth quarter benefited by approximately $85 million due to these constraints. We believe that these one-off conditions will abate...” — Peter Huntsman, Chairman, President & CEO, February 2018"

"“...we benefited this past quarter from a continued spike in our component MDI. We said in our third quarter call that we believe we benefited by approximately $40 million of extra margin due to this temporary spike...We believe that the fourth quarter benefited by approximately $85 million due to these constraints. We believe that these one-off conditions will abate...” — Peter Huntsman, Chairman, President & CEO, February 2018"

"Nelson Peltz and I worked closely together on the Legg Mason board. As a board member, Nelson was focused on improving operating results and strategy. There is no doubt that Nelson was an important contributor to Legg Mason’s turnaround. — John T. Cahill, Chairman and CEO, Kraft Foods Group, Lead Independent Director of American Airlines Group, Inc., Director of Colgate-Palmolive Company, and former Director of Legg Mason, Inc."

"Nelson Peltz and I worked closely together on the Legg Mason board. As a board member, Nelson was focused on improving operating results and strategy. There is no doubt that Nelson was an important contributor to Legg Mason’s turnaround. — John T. Cahill, Chairman and CEO, Kraft Foods Group, Lead Independent Director of American Airlines Group, Inc., Director of Colgate-Palmolive Company, and former Director of Legg Mason, Inc."

"“nothing short of outrageous” — Tom Cotton; “found a way to game the system.” — FDA oversight committee member; “Mr. Aronin refused to provide much of the information requested by congressional investigators” — WSJ; “declined to attend a November 2014 hearing organized by Messrs. Cummings and Sanders, citing travel outside the U.S...Mr. Aronin’s absence was noted with an empty chair and a placard with his name on it.” — WSJ"

""So again, I know that some are very anxious that we hold those shares. Others, very anxious that we sell those shares or swap those shares and so forth. We've got a very close handle on that, and it is our objective to be able to monetize those shares this year and. And to bring in another, at least, $1 billion into the company and into the cash flow of the company." — Peter Huntsman, Chairman, President & CEO, May 2018"

""So again, I know that some are very anxious that we hold those shares. Others, very anxious that we sell those shares or swap those shares and so forth. We've got a very close handle on that, and it is our objective to be able to monetize those shares this year and. And to bring in another, at least, $1 billion into the company and into the cash flow of the company." — Peter Huntsman, Chairman, President & CEO, May 2018"

"“Victoria is a dynamic leader who has played a critical role in managing transactions that have advanced growth and shareholder value,” said Nate Davis, Chief Executive Officer and Chairman of the K12 Inc. Board of Directors. “Her depth of experience in finance, IT, and in streamlining operations coupled with her love for education enhances the skills, mix, and diversity of thought in our Board.” — Nate Davis, K12 Inc."