Callouts & quotes from 516+ activist slides

"As a result, we urge shareholders to follow our lead by voting “AGAINST” incumbent directors Robert Webb and Charlotte Swafford at the upcoming Annual Meeting."

"Other transactions with directors as project subscribers (on terms no more favourable than other project subscribers). — TFC Annual Report to Shareholders 2013"

"The actions of Mellanox’s non-executive directors suggest the opposite – that Mellanox’s stock grants are really just a way of boosting director compensation."

"Freedom Holdings has faced criticism for their questionable business practices, including their IPO model, Potemkin board of directors, and lack of oversight."

"We ask, why take a less than $250,000 8% interest rate loan from directors when you supposedly have at least 27x in both operating cash flow and cash at hand?"

"We will typically vote against all directors of companies which do not publicly disclose their emissions and do not have a credible plan for their reduction."

"We will typically vote against all directors of companies which do not publicly disclose their emissions and do not have a credible plan for their reduction."

"We will typically vote against all directors of companies which do not publicly disclose their emissions and do not have a credible plan for their reduction."

"We will typically vote against all directors of companies which do not publicly disclose their emissions and do not have a credible plan for their reduction."

"Engine has engaged with more than 50 boards of directors over the last decade, and we have never encountered a situation where one has been so unresponsive."

"Southwest needs new independent directors with relevant expertise to challenge entrenched thinking, drive strategic changes and hold management accountable"

"Southwest needs new independent directors with relevant expertise to challenge entrenched thinking, drive strategic changes and hold management accountable"

"Southwest needs new independent directors with relevant expertise to challenge entrenched thinking, drive strategic changes and hold management accountable"

"Southwest needs new independent directors with relevant expertise to challenge entrenched thinking, drive strategic changes and hold management accountable"

"Southwest needs new independent directors with relevant expertise to challenge entrenched thinking, drive strategic changes and hold management accountable"

"TCI will typically vote against all directors of companies which do not publicly disclose their emissions or have a credible plan for emissions reduction."

"Bristol-Myers appointed several new, Company-friendly directors to appease an active shareholder, but we believe that management may have felt vulnerable"

"TIM governance has improved since independent directors replaced the Vivendi-controlled Board; meanwhile Vivendi’s own shareholder rights have collapsed"

"A new course for ACAS cannot be charted without Directors with relevant expertise, new perspectives and an active approach to creating shareholder value"

"We Are Highly Concerned by the Numerous Interrelationships Between DSP and CEVA that Create Conflicts of Interest for Certain DSP Directors and Advisors"

"Shareholders Now Have A Unique Opportunity To Vote For A Highly-Qualified Slate Of Alternate Directors And Chart A New Strategic Course For The Company"

"Why does Target’s board continue to nominate its own members and not conduct a professional search for new directors with senior operating experience?"

"Shareholder Nominees are completely independent, would constitute a minority of directors, and, unlike Hess's nominees, have not preapproved any plan."

"Edgewater's legacy directors represent a tired and broken Board that has failed to maximize shareholder value despite having over ten years to deliver"

"Given this Board’s track record, we find it disappointing that it rejected adding Nelson and Jay as Directors outright without even meeting with them."

"It is the responsibility of management and the Board of Directors (the “Board”) to drive improved consolidated financial results across all of Yahoo."

"Elliott believes a board composed of truly independent directors is the most efficient and effective way to improve governance and performance at TIM"

"The five director nominees are aligned with all other Agrium owners and will work with Agrium's other directors to create value for all shareholders."

"In our view, with resignation of Fortress Directors, BKD Board is deficient in both real estate experience and independent shareholder representation"

"Nunes chooses not to disclose his directorships of these three trade bodies on his LinkedIn page, nor are they mentioned on his bio on SGH’s website."

"The steady progress of K27 can largely be attributed to the contribution of oversight and advice made by the current Outside Directors. — Kao's Claim"

"“All of Hess’ six new directors have experience executing or advising on major corporate restructurings.” — Hess Letter to Shareholders March 2013"

"The single, shared goal of our candidates is to maximize the value of TIM, working together with minority directors without any personal ambition"

"The Board claims we seek influence disproportionate to our ownership position, however, the current directors collectively own only ~0.2% of ROVI"

"SAMC proposes to the Board of Directors that they review, as a matter of urgency, value creation alternatives to highlight RBC's full valuation."

"Starboard is Therefore Nominating a Slate of Nine Highly Reputable and Extremely Qualified Directors for Election at Yahoo's 2016 Annual Meeting"

"‘The BoD regularly reviews its leadership structure’: failure to correct confirms lack of independent oversight — BlackRock Board of Directors"

"Oasis proposes five unquestionably independent and highly qualified directors, following an extensive, robust and independent search process."

"We urge DG's Board of Directors to formally propose this spin-off plan at the Company's next annual general meeting of shareholders ("AGM")."

"Viacom's Outside Directors' Median Pay Last Year (2014) was $314,000 - Higher Than Disney, Time Warner, Discovery, Fox , Scripps, and AMC."

"Shareholders can act today by voting on the GOLD proxy card to elect all four of Elliott's nominees to the Phillips 66 Board of Directors."

"Shareholders can act today by voting on the GOLD proxy card to elect all four of Elliott’s nominees to the Phillips 66 Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"OUR PROPOSED DIRECTORS AND SUGGESTED MANAGEMENT TEAM OFFER A SUPERIOR VALUE PROPOSITION, INCLUDING A PATH TO A MUCH HIGHER SHARE PRICE."

"Only 2 out of the Company’s 10 current directors have meaningful, relevant operating experience at a retailer outside of Office Depot."

"... an alarming web of extensive ties between Keisei directors and OLC preventing an objective assessment of the outsized OLC stake..."

"Outside Directors are Among the Highest Paid in the Media Sector, Perhaps Explaining their Generosity Towards Viacom's CEO and COO"

"The reality is that 9 out of 10 of P&G’s independent directors have seen the Company underperform peers since they were appointed."

"Bilge Ogut and Jean-Baptiste Wautier joined the Board of Directors in 2025 while Bronwyn Curtis and Tope Lawani departed the Board"

"The presence of non-independent directors on key committees may diminish a committee’s ability to oversee management objectively."

"From Sept. 2020 through 2023, Mr. Shaw made 11 separate open market sales – more than any of his fellow directors or executives."

"For over 5 years, shareholders have been asking to vote on directors annually; For over 5 years, shareholders have been ignored"

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

"Shareholders can choose between two slates: the Vivendi slate or a slate with Independent directors that represent the market."

"Great companies that have lost their way – like Disney – often thrive after new directors, nominated by Trian, are appointed."

"The first thing is, adding credible directors to the board to instill a culture of accountability of Phillips 66 management."

"a single nominee from an outside shareholder in a boardroom of 12 directors is not sufficient to bring about needed change"