Callouts & quotes from 2,037+ activist slides

"(To Be Viewed In Combination With Starboard Investor Presentation Dated April 30, 2020)"

"Why did the Board accept growth + profit – the “hallmark” of value – declining so much?"

"Shareholders deserve answers and a Board that will protect their interests at all times"

"How can the Board justify continuing to lose over $500 million in its Display business?"

"Absent greater change, analysts see little hope for shares (under the incumbent Board)"

"We are concerned by the Board’s inability to craft well-designed compensation programs"

"We are concerned by the Board’s inability to craft well-designed compensation programs"

"It is clear that Board change is required to address Box’s serious compensation issues"

"This highlights the Board’s inability to oversee Mr. Proud’s chaotic management style."

"The Board has already committed to returning 75-100% of free cash flow to shareholders"

"GCP’s settlement proposal to Starboard has been greatly mischaracterized by the Board."

"The ADP Board Is Committed to Evaluating Every Decision With a Shareholder Perspective"

"Why does the Board think FirstGroup's stock has consistently underperformed its peers?"

"NortonLifeLock created significant shareholder value once the Board was reconstituted"

"We believe the Board misled shareholders in order to justify their own poor decisions"

"We believe the Board misled shareholders in order to justify their own poor decisions"

"Unfortunately, shareholders must hold Dr. Kleinfeld accountable if the Board does not"

"We believe DND’s culture is deeply broken and requires a reconstitution of the Board."

"A non-independent board member chairing the Risk Committee is far from best practices"

"We are nominating directors who, if elected, would represent a majority of the Board."

"A non-independent board member chairing the Risk Committee is far from best practices"

"These and other failures indicate a pressing need for more independence on the board."

"We believe the Preferred Financing was done to “buy the vote” and entrench the Board"

"In 3 separate votes, 90+% of outside shareholders voted to declassify the Hess board"

"Vote FOR our highly qualified nominees and AGAINST the incumbent “bankruptcy board”!"

"Starboard reconstituted the Board with directors who guided a successful turnaround"

"Did John Hess vote against his board's recommendation and against declassification?"

"Shareholders will not be duped by the Board’s “window dressing” governance changes."

"Did John Hess vote against his board's recommendation and against declassification?"

"Elliott would be happy to compare its track record against any of the board members"

"Please vote the GOLD card today for Elliott's four highly qualified board nominees."

"Incumbent Board, in their own words, has consistently failed Campbell shareholders"

"Box's Board did not appear to be concerned with the rights of Class A stockholders"

"We question whether these interlocks create problematic dynamics on the Box Board."

"Add competence, leadership and experience to the board by voting for Michael Heim."

"We believe Starboard was influential in AECOM's successful business transformation"

"We Identify A Broad Range Of Accounting, Reporting And Board / Management Concerns"

"FOUR Restructuring Plans Have Been Approved By The Board Over the Past Three Years"

"We believe Starboard was influential in AECOM's successful business transformation"

"From these candidates, Oasis is nominating 5 Independent Directors to Kao’s Board."

"The Board of Phillips 66 believes these results are acceptable. Investors do not."

"We encourage you and the board to set this as a budgeted and incentivized target."

"The Board of Phillips 66 believes these results are acceptable. Investors do not."

"strong alignment between corporate performance and compensation — Incumbent Board"

"Shareholders have endured substantial declines in ROIC under the incumbent Board"

"The majority of the Board was comprised of insiders or venture capital investors"

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

"Trian continues to believe that Lazard should de-classify its board of directors"

"Urgent change is needed in the boardroom to unlock the Company's full potential."

"It Appears HTA’s Board Shows Signs Of A Cabal of Rubber-Stamping CEO Loyalists."

"We believe the Real Issue of this election is that Target’s board is suboptimal"

"We do not believe that Pershing Square's nominees would add value to the Board."

"Mr. Gallogly is uniquely qualified to serve on the Huntsman Board of Directors."

"Marvell created significant shareholder value once the Board was reconstituted."

"The board must take responsibility for supporting this ill-advised misadventure"

"Performance of Trian Portfolio Companies Where Nelson Peltz Served on the Board"

"Voting FOR Boardroom Change This Year Will Drive Significant Improvement at NSC"

"Marvell created significant shareholder value once the Board was reconstituted"

"Darden created significant shareholder value once the Board was reconstituted."

"Were HMA's Board's actions in 2011 appropriate and in shareholders' interests?"