Callouts & quotes from 1,012+ activist slides

"We continue to remain focused as a Company and our Board of Directors on deleveraging. I think that when you look at our targets going out 2015 and 2016, our leverage ratios during that time period, particularly when you take into account an IPO during that time period, that our leverage ratios go to our long-time stated objective of 2.0 times our EBITDA. It is our intention within the 24-month period to be able to take this combined business, this pigments business, which will be in excess of $3.5 billion in sales and have a normalized EBITDA in excess of $0.5 billion, take this Company public and use that as an opportunity to create further shareholder value. — Peter Huntsman, President & CEO, September 2013"

""Director Tenure: Boards should consider all relevant facts and circumstances to determine whether a director should be considered independent - these considerations include the director's years of service on the board - extended periods of service may adversely impact a director's ability to bring an objective perspective to the boardroom. We believe director independence can be compromised at 12 years of service - in these situations a company should carry out rigorous evaluations to either classify the director as non-independent or provide a detailed annual explanation of why the director can continue to be classified as independent." — CalPERS, Governance and Sustainability Principles, September 2019."

""To this day, I don’t believe in sequels. I can’t follow popular cycles. I have to move on to new things—there are many new worlds to conquer." — Walt Disney, 1966 Letter to Shareholders; "I’d say we’re leaning a little bit more into sequels and franchises, some that we feel great about like Toy Story as a for instance, obviously Star Wars, Avatar we’ve talked about. Marvel is starting to focus on some of its stronger franchises going forward. But I’ll leave it at that. And I think given the environment and given what it takes to get people out of their homes to see a film, doing that, leaning on franchises that are familiar is actually a smart thing." — Robert A. Iger, CEO & Director, February 2024"

""Harvey Golub is everything that you would want in a director. And one of the things that I appreciate most about him is that he has always respected the space between the Non-Executive Chairman and the CEO roles. He challenged me. He held me accountable. But he did not try to do my job for me... ... And he has challenged us to sharpen our strategy, and better execute that strategy by holding us to high performance standards. He often tells us, 'This is what you said you would do. Are you delivering and, if not, why not?'" — Douglas Conant, former CEO of Campbell Soup Co; "Harvey Golub has done an absolutely sensational job, and we're probably $4 billion better because of it." — Warren Buffett"

""While this letter presents Elliott’s perspectives, Shareholder Nominees will form their own, independent views on the Company, its assets, and its strategy. These five accomplished individuals bring deep knowledge and experience in areas that are severely lacking in the existing board." — Elliott Letter to Shareholders, January 29th 2013; "Shareholder Nominees are completely independent, would constitute a minority of directors, and, unlike Hess's nominees, have not preapproved any plan. If elected to the Board, each of these executives will bring substantial expertise, experience, and independence that we believe is sorely needed at Hess." — Elliott Letter to Shareholders, March 26th 2013"

"‘The BoD regularly reviews its leadership structure’: failure to correct confirms lack of independent oversight — BlackRock Board of Directors. ‘BlackRock has delivered industry-leading growth’: this is no longer the case since 2009, at least from a TSR perspective — BlackRock Board of Directors. ‘One-size-fits-all approach to board leadership may not suit each company’s circumstances’: our request is based on an in-depth analysis of BlackRock’s governance — BlackRock Board of Directors. ‘Independent oversight is carried out by the Board’: according to BlackRock’s BoD, even Ms. Susan Wagner, (BlackRock’s co-founder with Mr. Fink and Mr. Kapito) is independent — BlackRock Board of Directors."

"Currently, the Company has a combined Chairman and CEO leadership structure, a classified board, and over-tenured directors. A plethora of these problematic governance practices appear to be a driving force in the Company's underperformance. — Egan-Jones, May 1, 2025; These issues stack on what we consider to be fairly disconcerting corporate governance considerations, including a dubious commitment to good faith engagement, a questionable and counterproductive realignment of key oversight roles and a late-stage candidate pivot which seems to call into question the board's prior candor. These issues should, in our view, be of significant concern to P66 investors. — Glass Lewis, May 10, 2025"

"We are on board with [Third Point's] assessment of CPB's current situation. As evidenced by our earnings estimates, which are well below consensus, we are not constructive on Campbell's fundamentals... Campbell probably has more challenges/weaknesses in its immediate future than any other company we cover. We also agree with [Third Point] that the board of directors “exacerbated” Campbell's problems by apparently not having a succession plan in place. Given these problems, plus the fact that the Campbell shares are +28% since bottoming in early June (group median +5%), we concur with [Third Point] that a sale – if achievable – is the best way to create value for shareholders. — J.P. Morgan"

""We believe board independence is essential to good corporate governance. In addition to having a board's majority made up of independent members, we generally prefer an independent board chair" — Capital Group. "Northern Trust generally leaves the choice of chairman to the board's discretion... However, Northern Trust will vote case by case on whether to support shareholder resolutions seeking the separation of chairman and CEO" — Northern Trust. "MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas, and this is often best positioned as an independent chair of the board" — MFS."

"“The alienation...some of us really hate Waleed because we just think he’s dishonest with the way he talks...and he gets angry when people say, no, we’re not getting reimbursed, and it pisses him off and his people off. They always get angry at the meetings when people get up and say, yeah, but we actually did a financial analysis, and Duke University did a beautiful analysis - they presented it at the meetings where they showed how much of a hit they took with TransMedics liver use at their center. They presented this at one TransMedics user meeting, and then they've also presented it at a symposium at the ATC.” — Prominent surgeon, Director of a leading academic transplant center"

"“The real world results that Nevro had in the field didn’t live up to the clinical data they were purporting. They found themselves in a bind. The initial response was to try and re-educate doctors on why it would work because the data says it would and they just need to keep believing.”; “Nevro’s paresthesia-free message doesn’t resonate anymore. Competitors have waveforms that mimic paresthesia-free pretty closely. Boston Scientific and Abbot for sure. Or they have paresthesia-light. Abbott brought out paresthesia-light with the Burst DR platform. It’s been out for a few years now. Boston Scientific has Wavewriter.” — Former Nevro regional sales director now at a key competitor"

"“we use their national NOP program for all of them.” — Transplant hepatologist and director of the liver program at a Midwest academic center; one of TransMedics highest volume users. “to be completely candid, this is a very small world and I don't know of any program that uses them that doesn't use the NOP.” — Transplant hepatologist and director of the liver program at a Midwest academic center; one of TransMedics highest volume users. “you don't have access to their pump” — Transplant surgeon and surgical director at a high volume academic center in the western US; also medical director at a major OPO (organ procurement organization); one of TransMedics highest volume users."

""Vanderbilt is the biggest heart transplant program not in the country but in the world. The volume is gigantic. They do zero TransMedics...they are so upset...they hate the company." — Transplant surgeon at Vanderbilt. "I know I can’t use it too much, or I’m not going to be making any money, and then I’m not going to have a job...if a hospital thinks they’re losing money by providing a service, are they really going to go out and provide a service? So, that’s why I said I had to have an actual financial talk with my head of finance and describe the margins and how they’re doing." — Transplant surgeon and transplant program director at a major academic center in Pennsylvania."

"There are two commonly accepted structures for independent leadership to balance the CEO role in the boardroom: 1) an independent Chair; or 2) a Lead Independent Director when the roles of Chair and CEO are combined, or when the Chair is otherwise not independent. ... In the event that the board chooses to have a combined Chair/CEO or a non-independent Chair, we support the designation of a Lead Independent Director, with the ability to 1) provide formal input into board meeting agendas; 2) call meetings of the independent directors; and 3) preside at meetings of independent directors. These roles and responsibilities should be disclosed and easily accessible. — BlackRock"

"I would like to touch on the management fee reduction we announced in December. First of all, the Erie Indemnity Company Board of Directors sees the management fee as a tool to balance the interest of the shareholders, of the Erie Indemnity Company with the policyholders of the exchange. Keep in mind the exchange assumes 94.5% of the total underwriting risk and is the only corporate customer of the Erie Indemnity Company. Given the strong revenues and earnings growth of the Erie Indemnity Company and the underwriting loses we are experiencing at the exchange, the Board opted this past December to reduce the management fee from 25 to 24. — Jeffrey Ludrof, Former President"

"“For kidney, there’s actually been pumping technologies, portable perfusion devices that have been around for literally 40 years, and that’s a good example of a technology that’s similar to TransMedics. But despite the fact that kidney transporting technology has been around for 40 years, less than 40% of kidneys in the United States per year are pumped for financial reasons. All of these companies - XVIVO, LifePort - had to segue to liver transplantation...because those are the fields that there are tens of thousands of transplants as opposed to just a few thousand hearts and lungs per year.” — Prominent surgeon, Director of leading West Coast academic transplant center"

""[Samsara] really focused on that sweet spot of 25 to 100 trucks. That's where they really initially went to market... And what we found is that Samsara is still, to this date, they're very wide, so they have all of the applications that someone would need, but they're not very deep. And on a 50- to 100-truck fleet, they don't have to be that deep. But you want somebody that has thousands of trucks, they want to customize it, they want to personalize it. And they want some very specifics that Samsara doesn't have the flexibility to do because they're serving all of the markets in a cookie-cutter approach..." — Former Director of Sales, New Business at Omnitracs, 7/29/22"

"“I think the big hiccup or red flag right now is you could say, where are those products? For a company that’s been around for 13 years, if I was going public, I’d have this long list of amazing products—they don’t all have to be billion-dollar products, but something that looks tangible that says, we have succeeded and provided value to our partners and provided a good return on investment. And they don’t have that story. They don’t have those products. And so, do you believe that they are going to build those products and are going to have some success? Or do you believe that it’s just a smokescreen? There’s no real business there.” — Former director-level employee"

""The board should exercise objective judgement on corporate affairs and be able to make decisions independently of management. The roles of chairperson and CEO should not be held by the same individual." — Norges Bank Investment Manager. "We generally support proposals requesting the separation of the CEO and chair roles. We believe that the board should be chaired by an independent director and that CEO and chair roles should only be combined in very limited circumstances." — CalPERS. "The board should be chaired by an independent director. The chair is responsible for leadership of the board and ensuring its effectiveness on behalf of the shareholders." — CalSTRS."

""Alcoa Corporation would not exist if it hadn't been for me basically creating it." — Dr. Klaus Kleinfeld, February 1, 2017; "[Management] is unequaled in its efforts to put a positive spin on bad news by accentuating the positive and eliminating the negative.... [I]f free cash flow looks bad, it will redefine it.... [S]omeday we will write a treatise on the psychology of earnings reports and presentations. And Alcoa will be our case study.... I think Alcoa is one of the more blatant spin doctors.... [N]othing ever looks bad in management's version of the world, where all the news is good news." — Carol Levenson, Director of Research for Gimme Credit, July 11, 2016"

"“Simultaneously and, in fact, ahead of TransMedics, XVIVO was working on this. They had a different concept. Instead of doing the fully transportable system that TransMedics has, their concept is what’s called “back to base.” And there are several companies are out there that are like that, including VitaSmart who along with XVIVO feel that the data is not actually quite there to prove that a fully transportable device is actually superior, and logistically, it’s easier and could potentially be cheaper to rig the device after it’s been transported to the transplant center or to the OPO.” — Prominent surgeon, Director of leading West Coast academic transplant center"

""Spinning hard drives are very efficient way to do this and they provide adequate bandwidth when you gang them together. Over time in training environments, it went from all flash to mostly hard drives with some flash. That trend seems to be continuing." — Director of Hardware Engineering at Meta (Tegus); "Inferencing does require low latency storage, but it's not a done deal that that storage will have to sit on SSDs." — Data storage product manager at leading hyperscaler; "They are very much putting hard drives in the network attached dedicated storage servers where they need lots and lots of cheap capacity...there's a reasonable case to" — Unattributed source."

""The CEO should not try to be the board members' best friend. Some believe that by keeping up an extensive schedule of private dinners and special events with directors, a CEO can build an atmosphere of rapport and friendship that will carry over into the boardroom. But the board is not the CEO's friend — it is the CEO's boss. The board of directors is not just a collection of individuals — it is an institution with a responsibility for representing the interests of shareholders. Friendship should never allow a CEO to get concurrence when it otherwise wouldn't be coming." — Harvey Golub, Shareholder Nominee, Former Chairman & CEO American Express, September 2009"

"“Yeah, definitely. The question is, is it production-worthy? Is it reliable? People want a 95% reliable tool. The Lasertec tool is not 95% reliable...the mask shop, and that's where—to be blunt—that's where more of the money is. The volume is in the fab. Making sure that the mask is good is super important because every mask is making so many chips. Inspecting in process in the wafer fab - the importance is lower than the mask shop, and the market value is lower. And that's why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be a lower priority overall.” — Ex-KLA director of engineering focused on EUV mask inspection"

"“Yeah, definitely. The question is, is it production-worthy? Is it reliable? People want a 95% reliable tool. The Lasertec tool is not 95% reliable...the mask shop, and that’s where—to be blunt—that’s where more of the money is. The volume is in the fab. Making sure that the mask is good is super important because every mask is making so many chips. Inspecting in process in the wafer fab - the importance is lower than the mask shop, and the market value is lower. And that’s why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be a lower priority overall.” — Ex-KLA director of engineering focused on EUV mask inspection"

"Medicare because they're so frickin' stupid as a government bureaucracy...they have not put a cap...if TransMedics charged $200,000 for the kit, I would be able to get reimbursed. — Prominent surgeon, Director of leading West Coast academic transplant center. The organ acquisition charge itself is a gray area...the same is true for TransMedics...You could exploit any charge that they had. You can exploit the types of planes that you use. You can exploit the surgeon fees. You can expense the pump time, the supply cost, transport cost—all of those things can be inflated. — Longtime executive at major OPO (organ procurement organization), and on UNOS committees"

"“that’s part of why we don’t use it...I don’t trust their surgeons...you don’t have top-tier surgeons working for TransMedics” — Cardiac transplant surgeon at a major Midwest academic center; “if you’re procuring an organ in an OR in the continental US, there’s no way you’re not licensed to practice medicine and surgery.” — Transplant hepatologist and director of the liver program at a Midwest academic center; “you have to be credentialed by the hospital as a transplant surgeon...no one’s operating...without an MD, general surgeon residency...and a fellowship.” — Transplant surgeon and surgical director at a high-volume academic center in the western US"

"I have nothing but the highest regard for Nelson Peltz. We served together on the Heinz board and I found him constructive, open-minded and thoughtful. He played by the rules and was a positive influence. He had a lot of good ideas to help make Heinz a better company, including increased marketing and reducing corporate overhead. He definitely added value for all Heinz shareholders. — Thomas J. Usher, Former Chairman and CEO, United States Steel Corporation, non-executive Chairman of the board of Marathon Petroleum Corporation, Director of The PNC Financial Services Group, Inc. and PPG Industries, Inc., and former Director of H.J. Heinz Company"

"I have nothing but the highest regard for Nelson Peltz. We served together on the Heinz board and I found him constructive, open-minded and thoughtful. He played by the rules and was a positive influence. He had a lot of good ideas to help make Heinz a better company, including increased marketing and reducing corporate overhead. He definitely added value for all Heinz shareholders. — Thomas J. Usher, Former Chairman and CEO, United States Steel Corporation, non-executive Chairman of the board of Marathon Petroleum Corporation, Director of The PNC Financial Services Group, Inc. and PPG Industries, Inc., and former Director of H.J. Heinz Company"

"I have nothing but the highest regard for Nelson Peltz. We served together on the Heinz board and I found him constructive, open-minded and thoughtful. He played by the rules and was a positive influence. He had a lot of good ideas to help make Heinz a better company, including increased marketing and reducing corporate overhead. He definitely added value for all Heinz shareholders. — Thomas J. Usher, Former Chairman and CEO, United States Steel Corporation, non-executive Chairman of the board of Marathon Petroleum Corporation, Director of The PNC Financial Services Group, Inc. and PPG Industries, Inc., and former Director of H.J. Heinz Company"

""This pattern suggests that Phillips 66's Board is using these repeated proposals as a distraction tactic while failing to deliver tangible governance reform that shareholders seem to support. If the desire to declassify is genuine, one would think the Board would accept the remedy that Elliott has proposed." — Professor Mark DesJardine; "The problem with [Phillips 66's] argument is that it ignores the simple fact that directors are free to resign their board positions at any time, and nothing in the Phillips 66 charter or bylaws possibly can be construed as preventing directors from voluntarily offering to resign." — Professor Jonathan Macey"

""This pattern suggests that Phillips 66’s Board is using these repeated proposals as a distraction tactic while failing to deliver tangible governance reform that shareholders seem to support. If the desire to declassify is genuine, one would think the Board would accept the remedy that Elliott has proposed." — Professor Mark DesJardine; "The problem with [Phillips 66’s] argument is that it ignores the simple fact that directors are free to resign their board positions at any time, and nothing in the Phillips 66 charter or bylaws possibly can be construed as preventing directors from voluntarily offering to resign." — Professor Jonathan Macey"

""That's a purchase of software or an infrastructure and hardware that powers their sportsbook, but that sportsbook doesn't power their entire sportsbook. Betway Africa is powered by their own proprietary software and uses a third party to power this engine.. You would think that if you had an investment like that it would power your entire global sportsbook, but your biggest market or your biggest revenue generator for your sportsbook is powered by its own software and is using a third party, Sportradar, to power it, to provide the pricing. It doesn't quite seem like they've acquired something." — Former Sportsbook Director at Betway Group"

""Southwest has lost the passion for low-cost, low-fare air travel." — Ryanair CEO Michael O'Leary, March 2024; "Costs are the real glaring issue at Southwest as they over-hired (23% more headcount vs. '19) during the recovery phase and have seen productivity decline (capacity is up 13.8% vs. '19)..." — Melius, January 2024; "Southwest is tied (with United) for the most growth, but its unit cost inflation is still worse than all others." — J.P. Morgan, July 2023; "When [CEO Bob Jordan] came to the SWAPA Board of Directors meeting, he said specifically that operations wasn't his strong suit." — SWAPA President Casey Murray, August 2022"

""Southwest has lost the passion for low-cost, low-fare air travel." — Ryanair CEO Michael O'Leary, March 2024; "Costs are the real glaring issue at Southwest as they over-hired (23% more headcount vs. '19) during the recovery phase and have seen productivity decline (capacity is up 13.8% vs. '19)..." — Melius, January 2024; "Southwest is tied (with United) for the most growth, but its unit cost inflation is still worse than all others." — J.P. Morgan, July 2023; "When [CEO Bob Jordan] came to the SWAPA Board of Directors meeting, he said specifically that operations wasn't his strong suit." — SWAPA President Casey Murray, August 2022"

""Southwest has lost the passion for low-cost, low-fare air travel." — Ryanair CEO Michael O'Leary, March 2024; "Costs are the real glaring issue at Southwest as they over-hired (23% more headcount vs. '19) during the recovery phase and have seen productivity decline (capacity is up 13.8% vs. '19)..." — Melius, January 2024; "Southwest is tied (with United) for the most growth, but its unit cost inflation is still worse than all others." — J.P. Morgan, July 2023; "When [CEO Bob Jordan] came to the SWAPA Board of Directors meeting, he said specifically that operations wasn't his strong suit." — SWAPA President Casey Murray, August 2022"

"“This was all nebulous because pain management and neuromodulation are subjective. The primary endpoint in the Nevro trials was VAS reductions. The problem is it’s very subjective. Patients’ pain and location can change hour to hour and day to day. It’s such a tough specialty because it’s so nebulous. If the diagnosis is an ACL tear, the surgeon can confirm it with imaging. The problem with chronic pain is that it’s not one specific modality. There’s a major psychological component, which is why a psychiatric evaluation is required for permanent implant.” — Former Nevro regional sales director, head of a large multi-state territory"

"We appreciate and are humbled by the support our slate received from our fellow shareholders, Dye & Durham employees and leading proxy advisory firms. We do not take this edict lightly and are committed to delivering on the promises we made. We also want to thank the outgoing directors for their professionalism and assistance in effectuating a smooth transition in the best interests of all stakeholders. Looking ahead, we are excited to work with the Company's employees to better serve our customers, improve the Company's culture and create enduring value for shareholders. — Arnaud Ajdler, Founder and Portfolio Manager of Engine"

""ADP. Automatic. The irony of what ADP is doing is often keying data in manually… That’s essentially what many of these people [in implementation] are doing." — Former VP, Business Transformation; "There [were] probably 7 or 8 completely different implementation organizations [within Enterprise]… Implementation was the most inefficient part of National Accounts." — Former Senior Director of Business Transformation at ADP; "[The] service and implementation organization were never touched – [that's] where most of the bodies are – there's basically no leverage across the organization in these functions." — Former Executive Officer"

"“The whole Ferment Consortium, this $300 million slush fund to start child companies of Ginkgo, I would say for sure Ginkgo controls all of those almost certainly...Ferment is basically Viking plus a few other investors. It's a way for Ginkgo to - in an ideal world, people will just pay Ginkgo a fair market rate for their services. Ginkgo can't get enough business to support their valuation just inside their boundary. So, they have this slush fund, that they can basically use to invest in companies, to start companies, and in some cases, it's a small company that has raised very little capital.” — Former director-level employee"

"Southwest has lost the passion for low-cost, low-fare air travel. — Ryanair CEO Michael O'Leary, March 2024; Costs are the real glaring issue at Southwest as they over-hired (23% more headcount vs. '19) during the recovery phase and have seen productivity decline (capacity is up 13.8% vs. '19)... — Melius, January 2024; Southwest is tied (with United) for the most growth, but its unit cost inflation is still worse than all others. — J.P. Morgan, July 2023; When [CEO Bob Jordan] came to the SWAPA Board of Directors meeting, he said specifically that operations wasn't his strong suit. — SWAPA President Casey Murray, August 2022"

""The Dubai assets were contributed with no debt attached to them. Some of the assets are in various stages of development, where the progress payments would be required in the next couple of months." — Mindee Lee, CPI PG Director of Corporate Strategy. "In general, these are luxury residential properties in Dubai. And I think if you read any article covering Dubai real estate, you would see this is the hottest segment of the market. We’ve already had a lot of good traction on selling the assets. And as I said earlier, our goal is to sell these properties as soon as possible and move on from it." — David Greenbaum, CPI PG CEO."

"Southwest has lost the passion for low-cost, low-fare air travel. — Ryanair CEO Michael O'Leary, March 2024; Costs are the real glaring issue at Southwest as they over-hired (23% more headcount vs. '19) during the recovery phase and have seen productivity decline (capacity is up 13.8% vs. '19)... — Melius, January 2024; Southwest is tied (with United) for the most growth, but its unit cost inflation is still worse than all others. — J.P. Morgan, July 2023; When [CEO Bob Jordan] came to the SWAPA Board of Directors meeting, he said specifically that operations wasn’t his strong suit. — SWAPA President Casey Murray, August 2022"

"“That [fuel] cost is completely made up from their rear end.” — Former NRC Commissioner; “I don't want to slam them, I mean I know these people, they did their best, but I think at the end of the day I think when you get to the top... it was as you said - they were goal-seeking [costs]...otherwise it's not viable at all. If they put real numbers of today in there this program would be over.” — Former nuclear fuel cycle expert, International Atomic Energy Agency; “I can't see a scenario where they get to $7,000 / kg and I've been making fuel for 45 years.” — Former Managing Director, Westinghouse Electric - UK Fuel Operations"

""I'm getting ready to hire somebody that's Korean for the US, because that's a huge opportunity for us. But, again, it has to be -- have been a distributor, starts it right, because we can't. We can hire all the Koreans and -- but if -- there's not a distributor out there that's really taking the business. But, definitely, I mean when we think about Korea, I mean, Korea is one of the top countries for Herbalife and Los Angeles has a huge Korean population, San Francisco, New York, so, we're targeting that." -- Ibi Fleming, SVP and Managing Director, North America, Barclays Capital Retail and Restaurants Conference, 4/24/2012"

""When it comes to Latin America, the company, which already has nine partner centers in El Salvador, Nicaragua, Guatemala, and Colombia, has its sights firmly set on Mexico, opening its first office in Baja North in late November 2018." — Aaron Davis, TaskUs Director. "We are excited to be operating in Latin America, a great complement to our global operations. Currently, our sights are focused on building up our presence in Mexico. We are looking to build out our facilities to house over 1,000 teammates to support our current client base, with room to support new business as well," he said. — Aaron Davis, TaskUs Director."

"“It's not like a typical prescription process where if you go to your doctor and you need an antibiotic, he writes it, you go and pick it up at the pharmacy. You have to fill out a special form, and it's all manual, as much as the salesforce fought to get everything digitalized... all of the prescriptions went to a fax machine at RareMed, and then RareMed communicated the information—I don't know how that happens on that end; that's above my pay grade—and then they would communicate that information to [name redacted], the director of patient services.” — Ex-Harmony territory manager for several states in the northeast"

""why should it cost $70,000 to $80,000 for disposables" when they are just "plastic tubings and plastic containers...it is, no question, overpriced." — Surgeon and director of a leading transplant center in the Northeast. "ridiculously expensive...I could argue predatory"; "outrageously overpriced"; "completely unreasonable, to be very, very clear"; "yeah, it is pretty polarizing". Regarding the CEO Waleed Hassanein, he noted "a level of arrogance...I think they are generally known to be fairly assertive and aggressive." — Transplant hepatologist and director of the liver program at a Midwest academic center."

"“The Executive Committee shall consist of the Chairman and Chief Executive Officer and not less than four other directors who shall from time to time be appointed by the Board of Directors. The Executive Committee shall have and exercise in the intervals between the meetings of the Board of Directors all the powers of the Board of Directors, except as prohibited by applicable law. All acts done and powers conferred by the Executive Committee from time to time shall be deemed to be, and may be certified as being, done and conferred under authority of the Board of Directors” — BlackRock, Article of Association"

""The Executive Committee shall consist of the Chairman and Chief Executive Officer and not less than four other directors who shall from time to time be appointed by the Board of Directors. The Executive Committee shall have and exercise in the intervals between the meetings of the Board of Directors all the powers of the Board of Directors, except as prohibited by applicable law. All acts done and powers conferred by the Executive Committee from time to time shall be deemed to be, and may be certified as being, done and conferred under authority of the Board of Directors" — BlackRock, Article of Association"

""We believe board independence is essential to good corporate governance. In addition to having a board's majority made up of independent members, we generally prefer an independent board chair" — Capital Group. "Northern Trust generally leaves the choice of chairman to the board's discretion... Northern Trust will vote case by case on whether to support shareholder resolutions seeking the separation of chairman and CEO" — Northern Trust. "MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas" — MFS."

"We have invested with and alongside Trian and have seen them create long-term value for shareholders. They constructively engage with leadership teams and their analysis of companies is incredibly in-depth. Trian as an active manager plays a beneficial and important role in today’s capital markets as a catalyst for change. We see the performance of the companies they engage on a positive trajectory, from the time Trian initially takes a position to well after they exit. Very simply, Trian is top notch. — Anne Sheehan, Director of Corporate Governance, CalSTRS, the largest teacher pension fund in the U.S."

"We have invested with and alongside Trian and have seen them create long-term value for shareholders. They constructively engage with leadership teams and their analysis of companies is incredibly in-depth. Trian as an active manager plays a beneficial and important role in today’s capital markets as a catalyst for change. We see the performance of the companies they engage on a positive trajectory, from the time Trian initially takes a position to well after they exit. Very simply, Trian is top notch. — Anne Sheehan, Director of Corporate Governance, CalSTRS, the largest teacher pension fund in the U.S."

"We have invested with and alongside Trian and have seen them create long-term value for shareholders. They constructively engage with leadership teams and their analysis of companies is incredibly in-depth. Trian as an active manager plays a beneficial and important role in today’s capital markets as a catalyst for change. We see the performance of the companies they engage on a positive trajectory, from the time Trian initially takes a position to well after they exit. Very simply, Trian is top notch. — Anne Sheehan, Director of Corporate Governance, CalSTRS, the largest teacher pension fund in the U.S."

""Pricing is number one. I know that sounds very simple, but it's true. Pricing is more important than feature, functions, et cetera." — Associate VP of Carrier Sales at Geotab. "...the market is definitely saturated. There's no question about that. But the other thing that's happened when a market is saturated, the product becomes commoditized, the price goes down." — Former Director of Sales, New Business at Omnitracs. "They weren't going to lose on price, right? They were going to be very flexible if they needed a discount, they'll discount to win deals." — Former Samsara Mid-Market Account Executive."

"The plan provides that targets for 100% achievement should be challenging and ambitious, but also realistic and attainable such that it is possible to achieve and exceed them. The impact of over- or under-achieving targets on the annual incentive can be significant. The company and Board of Directors therefore approach the target setting process with care and consideration. We believe targets are set consistently with the philosophy of the POBS Plus plan that they be challenging and ambitious. In the last five years the average target achievement for named executive officers was 107% — Proxy st"

"The plan provides that targets for 100% achievement should be challenging and ambitious, but also realistic and attainable such that it is possible to achieve and exceed them. The impact of over- or under-achieving targets on the annual incentive can be significant. The company and Board of Directors therefore approach the target setting process with care and consideration. We believe targets are set consistently with the philosophy of the POBS Plus plan that they be challenging and ambitious. In the last five years the average target achievement for named executive officers was 107% — Proxy st"

"In a Star story last fall, GFL president and CEO Patrick Dovigi said his company chose to be a good corporate citizen by cleaning up the mess left on farmer Ruco Braat’s land, in the hamlet of Bailieboro. Dovigi also said GFL took just 192 truckloads to the farm and suggested that another soil company brought the dirty soil to Braat’s land. After pleading guilty last week, Earthworx and its director, Claudio Villa, were fined $84,500 (plus a 25 per cent victim surcharge) for offences related to the deposit of soil contaminated with metals and organic compounds on the sheep farm. — Star"

"As CFO, she only served for a short time at a private company and she lacks management experience — Kao Corporation. Lack of in-depth understanding and advisory experience with Japanese companies — Kao Corporation. The Board of Directors has not designated Financial expertise as an area to be additionally strengthened at this time, considering the adequate composition of the board of directors proposed by the Company — Kao Corporation. At the document screening stage, it was confirmed that (...) her expertise and career do not align with the needs of the Company — Kao Corporation."

"“As stakeholders in Solvay we demand that the Board of Directors publicly states that the Company commits to bring its Rosignano plant fully in line with the strictest requirements of the UN Sustainable development goals (SDGs), with reference to SDG 14 (“Conserve and sustainably use the oceans, seas and marine resources for sustainable development”) and SDG 14 Target 14.1 (“By 2025, prevent and significantly reduce marine pollution of all kinds, particularly from land-based activities, including marine debris and nutrient pollution”)” — UN PRI Collaboration Platform Petition"