Callouts & quotes from 183+ activist slides

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

"Despite multiple years of deteriorating operating results and share price underperformance, CEO compensation has increased each year"

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

"Phillips 66's first-quarter earnings report on April 25 comes amid a long, frustrating period of underperformance versus its peers."

"Phillips 66's first-quarter earnings report on April 25 comes amid a long, frustrating period of underperformance versus its peers."

"Adjusting for differences in owned real estate and franchised stores highlights Darden's dramatic underperformance versus Brinker"

"Adjusting for differences in owned real estate and franchised stores highlights Darden's dramatic underperformance versus Brinker"

"Hess has paid current directors more than $30 million over their tenure while delivering stockholders material underperformance"

"We believe that Target’s suboptimal board has contributed to the company’s material underperformance during this recession"

"We believe this underperformance pressured Fairfax into becoming aggressive in pulling accounting levers starting in 2018."

"Against what we believe is a fully objective list of peer companies, Dr. Kleinfeld demonstrates profound underperformance"

"Lack of transparency and broad category definitions (in financial reporting) mask underperformance of various businesses"

"... resulting in a destructive cycle of inaction which underpins Keisei’s persistent underperformance and undervaluation"

"McGraw-Hill's value creation plan should address the key structural elements of its underperformance and undervaluation."

"Top executives paid almost $50m over past 3 years despite 70%+ underperformance of SE share price versus comparables"

"We believe Crown Castle's underperformance can be remedied and requires improved performance in its fiber business."

"If underperformance persists, shareholders will have no choice but to hold management and the Board accountable"

"Based on its recent underperformance, Lowe’s trades at a discount to Home Depot on both LTM and 2012 multiples"

"Management's woeful capital allocation has contributed to Capricorn's significant underperformance over time"

"ADP’s underperformance in Employer Services is driven by numerous inefficiencies across ADP’s organization:"

"Taubman's underperformance is squarely the result of management and its board of directors, NOT the assets"

"Persistent and consistent underperformance should not be rewarded with multi-million dollar pay packages."

"Persistent and consistent underperformance should not be rewarded with multi-million dollar pay packages."

"Crown Castle’s underperformance can be remedied and requires improved performance in its fiber business."

"Shareholders overwhelmingly voted to replace a majority of GCP's board after years of underperformance."

"The current Board has overseen an extended period of underperformance and real change is necessary now"

"Engine believes change at the Board level is warranted given the exceptional stock underperformance."

"Shareholders deserve a management team that can properly respond to these areas of underperformance"

"Shareholders deserve a management team that can properly respond to these areas of underperformance"

"Elliott is not alone in our recognition of Juniper's share price and operational underperformance"

"Significant underperformance (CCI +9.1%) compared to AMT (+24.7%) and SBAC (+33.0%) in last year"

"Added only after Pershing Square's involvement, despite significant operating underperformance"

"This consistent share price underperformance is the result of relentless execution issues."

"Huntsman's long-term shareholders have suffered significant share price underperformance."

"Huntsman's long-term shareholders have suffered significant share price underperformance."

"Share price underperformance is the ultimate proof that shareholders have been let down"

"If UNP fully recaptures its volume underperformance vs. US Class I railroads by 2025"

"Underperformance of this magnitude and duration demands change in the board room"

"NEOs Have Been Paid $1 Billion Despite Total Shareholder Return Underperformance"

"NEOs Have Been Paid $1 Billion Despite Total Shareholder Return Underperformance"

"300% underperformance over 5 years, and that was before the Red Lobster debacle"

"300% underperformance over 5 years, and that was before the Red Lobster debacle"

"This level of long-term, sustained underperformance is rare and very troubling."

"The current management team and Board have a long tenure of underperformance."

"Underperformance of this magnitude and duration demands substantial change"

"STOCKHOLDERS HAVE SUFFERED FROM LONG-TERM STOCK PRICE UNDERPERFORMANCE"

"Significant Underperformance Relative to NASDAQ Composite Index of 69%"

"STOCKHOLDERS HAVE SUFFERED FROM LONG-TERM STOCK PRICE UNDERPERFORMANCE"

"Underperformance from date of large franchisee deal (8/10/15): -35%!"

"Performance targets are lowered in the face of underperformance"

"Report Card: Disney’s Underperformance Tied to Board Failures"

"SE CEO paid MORE despite 70% share underperformance"

"The Board has overseen meaningful underperformance."

"47% Underperformance $9.4bn of Market Cap Foregone"

"ACAS has a history of persistent underperformance"

"Dr. Kleinfeld cannot conceal his underperformance"

"There is no hiding place for underperformance."

"132pts of underperformance"

"132pts of underperformance"