Callouts & quotes from 1,420+ activist slides

"We believe that Ms. Conrad's extensive leadership experience at Intel, as well as her marketing and business development background, would make her a valuable asset to the Board."

"We are taking this extraordinary action because we cannot risk that the current Board may seek to further manipulate Depomed's bylaws to prevent a lawful special meeting request."

"At this year’s Annual Meeting, shareholders can send the McDonald’s Board a message and hold it accountable to end inhumane animal treatment in its supply chain once and for all."

"The success of a currency board arrangement, and its acceptability to local people and businesses, depend to a considerable extent on the anchor currency being reasonably stable."

"Given the significant value creation potential at Agrium and the collective skills and experience of JANA’s nominees, why wouldn’t you want these nominees to join Agrium’s board?"

"This discounted multiple should serve as a stark indication to management and the Board that shareholders have less confidence in Autodesk’s future performance relative to peers."

"Ms. Landry would be a valuable addition to the Board given her extensive corporate governance, compensation and finance experience in the transportation and logistics industries."

"For how much longer will the Board allow management to make aggressive investments in a money-losing business with little, if any, visibility for an acceptable return on capital?"

"As such, we believe Board change is necessary at Autodesk, and we intend to nominate a minority slate of experienced director candidates for election at the 2025 Annual Meeting."

"McDonald's' recent behavior validates our belief that the Board must be held accountable to meet its prior commitments and provide transparency regarding its business practices."

"STARBOARD ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"Sadly, the Red Lobster Sale is only the most recent, and most egregious, example of the current Board and management’s extended record of poor performance and value destruction."

"IT SEEMS THE REAL REASON PHILLIPS REBUFFED MR. GOFF HAS NOTHING TO DO WITH HIS INDEPENDENCE FROM ELLIOTT AND EVERYTHING TO DO WITH HIS INDEPENDENCE FROM MANAGEMENT AND THE BOARD"

"IT SEEMS THE REAL REASON PHILLIPS REBUFFED MR. GOFF HAS NOTHING TO DO WITH HIS INDEPENDENCE FROM ELLIOTT AND EVERYTHING TO DO WITH HIS INDEPENDENCE FROM MANAGEMENT AND THE BOARD"

"The very fact that the Board, in reviewing the leadership structure, does not detect any anomaly is the best demonstration of the lack of independent oversight within the Board."

"We believe this incident illustrates both the Company’s cultural issues as well as the Board’s failure to instill accountability and provide effective oversight of the Company."

"Does Hess think this washes clean John Mullin’s relationship with the Hess family? Such closeness ought to be inappropriate for board membership, let alone lead directorship..."

"Starboard engaged with GCP to protect shareholders suffering from consistently poor operational execution, poor governance, lack of Board oversight, and lack of accountability."

"Does Hess think that washes clean John Mullin's relationship with the Hess family? Such closeness ought to be inappropriate for board membership, let alone lead directorship..."

"Ancora believes these calculations directly confirm the crux of our thesis that management and the Board have and continue to pursue revenue growth over profitability and ROIC."

"Instead of honoring the wishes of shareholders and calling the Special Meeting, the Board decided it knew best and chose to completely ignore the will of Darden's shareholders."

"Investors should strongly evaluate O’s Board of Directors, and in particular, its audit committee members tasked with overseeing management’s accounting and financial policies."

"We note that Sequa has previously had a supply arrangement with Calgon Carbon, a Company where GCP's current CEO, Randy Dearth, has previously served as a Board member and CEO."

"Upwork is now at a crossroads. The Board needs to rapidly make important changes to give Upwork a chance at succeeding – or the platform risks becoming increasingly irrelevant."

"After more than eleven months of a Strategic Review process, we believe management and the Board must drive the process to conclusion and commit to a separation of Classifieds."

"On April 1, 2024, Autodesk announced the Audit Committee of the Board was conducting an investigation into the Company’s free cash flow and non-GAAP operating margin practices."

"With these facts in mind, we respectfully ask BP's collective Board of Directors to: Answer, without further delay, the thirty-six questions which were refused at the 2024 AGM."

"Heim's executive background in midstream operations and experience in the energy industry and serving on public boards would make him a valuable addition to the Phillips Board."

"In collaboration with other board members, Trian’s nominees will seek to craft a compensation program that better aligns management compensation with stockholder value creation"

"Despite the same claims being made to try to prevent shareholder-driven change, CP's new board and management team improved performance and achieved a superior operating ratio."

"However, the core of his qualification for the Board is that, at his most fundamental, Mr. Kasich is a force for organizational change to structurally correct underperformance."

"Not only do we have serious concerns about the independence of AOL's Board, but AOL's "independent" Board members have little vested interest in the performance of the Company."

"Starboard has been pressing for these changes for over a year. It is only under the pressure of this election contest that the company has begun to adopt elements of our plan."

"It appears the Board and Mr. Shaw have given Norfolk Southern’s competitors a bridge across the Company’s moat in exchange for boosting their prospects in an election contest."

"We strongly encourage the Board to de-emphasize revenue targets and instead compensate management primarily based on EBITDA and free cash flow per share targets going forward."

"The very fact that the Board in reviewing the leadership structure does not detect any anomaly is the best demonstration of the lack of independent oversight within the board."

"Nothing of substance has changed since January 2024 - when Norfolk Southern issued disappointing guidance - to justify the Board's revised outlook for the second half of 2024."

"The coming years will be critical execution years to unlock value at Sony Semiconductors, creating the need for oversight by a dedicated management team and Board of Directors"

"The reality is, Nelson Peltz's track record speaks for itself - every Trian investment on whose board Nelson Peltz has served has outperformed P&G during Trian's involvement."

"Oasis believes that with a forward-thinking Board, a clear strategic vision, and aligned incentives, Kao can be a global leader in the Cosmetics and Health & Beauty industry."

"Regardless of which board shareholders choose, the Community Proposal will be put to a shareholder vote so all holders of record may decide the merits of selling the company"

"Compare the track record, background and experience of Fred Green and the current Board... with the track record of Hunter Harrison and the potential contribution of the NMC"

"Samsung Electronics lags far behind its global peers in terms of board composition - as regards independence, the relevant experience of current board members and diversity:"

"We are suspicious of management’s wording in the above extract, where Dalton Gooding alludes that the current board were not made aware of the Galderma contract termination."

"Value Proposition: Trian believes Mr. Zatta's extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Given the Company's history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience."

"Spruce Point has several concerns with PowerSchool's management team and Board; we've found several members with questionable backgrounds and obvious conflicts of interest."

"We believe the Board, including newly-appointed directors, attempted to disenfranchise the Company’s shareholders by significantly abridging the director nomination window."

"ESG risks may present opportunities to engage with boards and management to improve practices that pose sustainability risks in order to facilitate long-term value creation"

"If the Company schedules its 2024 AGM in December per its usual practices, Engine will withdraw its request for a Special Meeting and instead seek Board changes at the AGM."

"Given the Company's history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience."

"If negative 32 percent is what this board and management can produce after a bankruptcy eliminated most of their legacy issues, it may well be time to let someone else try."

"To provide the real change Campbell shareholders deserve, Third Point seeks to replace the entire incumbent Board with an attractive new slate of highly qualified nominees"

"No doubt retail is a tough business, but BOOT's executives and Board members have been associated with an unusually high number of retailers that ultimately went bankrupt."

"In our view, there continues to be a clear lack of operating discipline at the management level as well as ineffective oversight from the Board of Directors (the “Board”)."

"However, in the case of CEO Blackford, we find that nearly every company he has been involved with at the senior executive or Board Director level has faced controversies."

"By voting for Trian's two nominees, Nelson Peltz and Jay Rasulo, you can help restore the Board's focus, alignment and accountability and help Restore the Magic at Disney."

"Shareholders should be alarmed that the Board and Mr. Shaw willingly gave up a valuable asset to their closest competitor in exchange for hiring an inferior COO candidate."

"Just Business invested $1.25 million into ABML while Mr. Batstone will receive ~1/5th of that investment back in equity and $120k annually in exchange for this board role."

"We are concerned that the Board’s actions were not only self-serving but also directly adverse to the best interests of shareholders and their ability to elect directors."