Callouts & quotes from 790+ activist slides

"Subsequent to the formation of the Joint venture the Company purchased £20,000,000 of Intellectual property from the IQE plc Group in return for 8,000,000 of A preference shares and £12,000,000 of cash. — CSC’s 2016 AR, p. 32"

"Explore the key issues driving the Streamline 66 campaign – where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Upon learning of our search interest in Boot Barn, Facebook served dozens of sponsored ads for boots, none of which were from Boot Barn. In fact, even a search of Boot Barn returned a sponsored ad for new competitor Tecovas."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"While the decline of Hill-Rom's third-party rental business may have been gradual, we find the dramatic decline in segment revenue striking, as we do the fact that management received almost nothing in return for the assets."

"Explore the key issues driving the Streamline 66 campaign – where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Australian retail shareholders would have been better off holding any top Australian listed superfund stock other than BHP Ltd – on average, BHP Ltd’s total shareholder return is a chronic 174% less over the last eight years"

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"The quick headlines are $3 billion of segment operating income by 2020, and free cash flow generation of up to $5 billion for shareholder return programs and debt repayment. — Richard Kramer, CEO of Goodyear (September 2016)"

"Like Pioneer, CONSOL needs higher prices to drill profitably. The difference is that Pittsburgh-based CONSOL is unwilling to invest Capex for negative returns, while Dallas-based Pioneer plans to invest right through them."

"Dr. Kleinfeld’s compensation does not appear linked to shareholder returns and in 2015, much of the current board saw fit to gross up Dr. Kleinfeld’s compensation by 34% despite the fact that company shares declined by 37%"

"We are advocating for a comprehensive, multi-year capital return program comprised of an accelerated share repurchase (ASR) this year and a minimum percentage of future cash flow dedicated to share repurchases thereafter."

"BHP should seek to avoid making badly-timed acquisitions paid for in cash and instead return the substantial upcoming excess cashflow to shareholders by way of post DLC unification 14% discounted off-market share buybacks"

"We are advocating for a comprehensive, multi-year capital return program comprised of an accelerated share repurchase (ASR) this year and a minimum percentage of future cash flow dedicated to share repurchases thereafter."

"Despite ~50% increase in revenue, ~800bps of margin expansion and improved free cash flow over the last two years, NFLX’s share price is down more than 40% from recent highs and has nearly returned to pre-pandemic levels"

"Mr. Ströer, did you, as per publicly accessible records such as those dated May 29, 2013, transfer 2.8 million shares in our company to the Sambara Foundation without receiving any payment in return? — Shareholder at AGM"

"“...Spin-Offs (tracked through the Bloomberg US Spin-Off Index) have generated a 64% price return vs. 20% for the S&P 500 over the last five years (+26% vs. +17%, year-to-date)” — Goldman Sachs, SOTP Handbook, 5/23/2013"

"This is simply not true. From our very first interaction with the Company, we have cited poor operating performance and poor management credibility as a fundamental driver of poor shareholder returns and low valuation"

"Successful execution against this plan will produce a more powerful franchise with higher growth, a more efficient expense base, higher returns on capital, and a market value that is more than double the current price"

"The reality is that today, Southwest needs fresh, proven executive leadership from outside of the Company to restore its once-industry-leading performance and return it to its rightful place atop the airline industry."

"With so little transparency on the paint store business, investors don't know what PPG's returns on capital are. Trian estimates that “Base Case” after-tax returns are likely about triple the company's cost of capital"

"We and other shareholders would like to see management take a constructive and transparent approach to the return of excess capital and the delivery of the clear strategic and shareholder value benefits of unification"

"Avery's customer credit quality has been deteriorating. It made an accounting change to move a key customer allowance for returns into Other Current Liabilities, and recently updated its accounting for credit losses."

"Management has stated its investment grade rating is a top priority and above capital return. Yet, CTC has continued to buyback shares while its leverage remains above the level required to prevent a credit downgrade"

"We Believe That Viacom is Significantly Undervalued Relative to its Peers and Assets and Can Deliver Material Returns Over The Long-term For Its Shareholders With Changes Made to its Leadership and Board of Directors"

"We have no Business Tangible Property or M&T Returns for Iperionx or any of its Subsidiaries for 2023, 2024 or 2025. We have a personal property bill for vehicles For 2024 and 2025. — Halifax County, VA FOIA Response"

"We have no Business Tangible Property or M&T Returns for Iperionx or any of its Subsidiaries for 2023, 2024 or 2025. We have a personal property bill for vehicles For 2024 and 2025. — Halifax County, VA FOIA Response"

"“...The key to [profitable growth] will be [that] we will be able to live within our means and deliver, I think, very attractive financial returns on a going forward basis as I said.” — John Hess, Chairman & CEO Hess"

""Elliott has a good case.... Investor returns under Chief Executive [Dr.] Klaus Kleinfeld, who took over at Alcoa in 2008 and now runs Arconic, have been poor." — Robert Cyran, Reuters Breakingviews, February 1, 2017"

""We need to make sure that this business is also a competitive business which achieves on the long-term, higher than cost of capital returns, which we will be able to achieve." — Dr. Klaus Kleinfeld, January 11, 2010"

"We think that even modestly more conservative assumptions indicate CoreWeave’s business model generates returns that do not exceed its cost of capital – destroying, rather than building, long-term shareholder value."

""But at the end of the day, I think investors usually, and appropriately so, try to determine whether the company can generate higher returns than the synthetic alternative(1)." — Doug Terreson, Phillips 66 Director"

"The Company accrues for estimated sales returns based on historical results. The allowance for sales returns at December 28, 2023 and December 29, 2022, was $27.4 million and $33.3 million, respectively. — 2023 10-K"

""But at the end of the day, I think investors usually, and appropriately so, try to determine whether the company can generate higher returns than the synthetic alternative(1)." — Doug Terreson, Phillips 66 Director"

""We achieved our shareholder distribution target, returning $13.6 billion to shareholders through dividends and share repurchases from July 2022 through year-end 2024." — Phillips 66 CEO Mark Lashier, April 7, 2025"

""We achieved our shareholder distribution target, returning $13.6 billion to shareholders through dividends and share repurchases from July 2022 through year-end 2024." — Phillips 66 CEO Mark Lashier, April 7, 2025"

"We consider BP's decision to invest in this field to be a strategic mistake, driven by irrational considerations or PR, and we see the following red flags which indicate that returns on capital have been ignored."

"Agrium's board failed to address obvious issues – such as disclosure and capital return – until publicly challenged to do so, and has spent significant shareholder capital to avoid discussing the remaining issues"

"Monster's Co-CEO said they saw a shift to dollar channels which we view negatively. A search for “energy drinks” at some of the country's largest dollar stores returned more Celsius brands featured than Monster."

"Though one can find convenient examples for buybacks and dividends being bad for the share price, failing to return excess cash in the face of a low multiple usually depresses share price and valuations further."

""The most important part of our financial strategy is, obviously, ultimately, we want to build a company to have a business that delivers first quartile financial shareholder returns" — John Hess, September 2011"

"Now is the time for Crown Castle’s Board to exercise greater prudence in capital allocation, recalibrate the fiber strategy and deliver the shareholder returns befitting its premier shared infrastructure assets"

"The S&P 500 Equal Weight Index has closely tracked the S&P 500 Index over time, but has significantly underperformed in the last two years as a handful of mega-cap technology stocks has driven outsized returns"

"It was really about getting a very long-term, value-added shareholder around the table, a nine-figure investor that is at the Board, really, really focused on shareholder returns. — CEO Aaron Levie, April 2021"

"We believe Arconic management thinks the key to shareholders’ hearts is by returning capital. They do not understand investors. The issue is not the amount of capital invested but the returns on that capital."

"Oklo uses “illustrative unit economics” to promote the anticipated low capital costs and cash returns... We believe there are several problems with Oklo’s unit economics which render them grossly misleading."

"A transparent and well-communicated capital allocation process that ensures the highest-returning utilization of capital combined with a fair shareholder returns policy will help create a compelling D2 plan"

"There is so little competition that the opportunities to buy fine companies with double-digit cash-on-cash returns are more abundant than at any time in my career, other than at the bottom of a bear market."

"While management says "holistically, this portfolio provides a platform for balanced growth, margin and return improvement...all of which leads to top-tier total shareholder return," it simply is not true."

"The biggest hurdle to consumer adoption of cloud streaming services historically has been input latency – the time it takes for controller inputs to reach the cloud and return to affect the action onscreen"

"“over the last 5 years, return on invested capital has nearly doubled in [its] domestic parks and [it has] seen sizable increases over that same time frame across the total Experiences portfolio.” — Disney"

"Selling WELL and buying VTR and AHR is not a bet against senior housing. It is a bet against paying a 144% premium for the privilege of funding a compensation plan that may ultimately dilute your returns."

"Trian recommends that management explore share repurchases beyond GE’s initial guidance; we believe there is an opportunity to return over 40% of the current market cap to shareholders by the end of 2018"

"Trian recommends that management explore share repurchases beyond GE’s initial guidance; we believe there is an opportunity to return over 40% of the current market cap to shareholders by the end of 2018"

"Retail’s leading position in a structurally attractive, fragmented distribution landscape amplifies the return on resolution of this cost issue, enhancing Retail’s position as a long-term secular winner."

"We believe IPX’s story of reshoring the titanium industry from mine and scrap to product is a noble cause, but one which, under current market conditions, may not generate attractive returns on capital."

"HHH will be a well-capitalized company with access to equity and debt capital and excess free cash flow from HHC, which will be reinvested in high-return, controlling investments in operating businesses"