Callouts & quotes from 1,420+ activist slides

"Margin targets have been consistently missed and lowered. Why should investors trust this Board to execute on yet another plan to improve margins?"

"The Board has proven itself unable to effectively oversee management and the Company, and has destroyed shareholder value through its complacency:"

"SandRidge’s stock price immediately dropped 16%, destroying over $100 million of market value(1), but the board still argues it was a “good deal.”"

"Aronin’s actions caused widespread outrage, leading to his expulsion from the board and membership of PhRMA, the top pharma lobbying organization."

"Over 60% of BEA's shareholders are Independent Shareholders or Current Sellers (whom the BEA board cannot prevent from accepting a takeover offer)"

"We respectfully ask BP's Board of Director to urgently review and revise the 2023-2030 plan, by implementing the following six corrective actions"

"We believe the Board's ineffectiveness may be in part due to the unchecked power of the founder, Rob LoCascio, who serves as CEO and Board Chair."

"Since Starboard’s public engagement with Corteva, the Company has outperformed the S&P 500 by 41% and created significant value for shareholders."

"Huntsman’s long-term stock price performance has significantly lagged peers, demonstrating the need for improved accountability in the boardroom."

"DESPITE A LITANY OF MISSED PROMISES, THE BOARD HAS INEXPLICABLY CHOSEN TO GENEROUSLY COMPENSATE MANAGEMENT AND REWARD THEM FOR FAILED PERFORMANCE"

"Vote the GOLD card FOR all four of Elliott's highly qualified board nominees: Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt."

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

"The stark contrast in handling these similar situations raises serious questions about Board transparency and approach to shareholder engagement."

"Incumbent Board’s complete failure to hold CEO accountable led to a compensation scheme that is insulting to Campbell employees and shareholders"

"We believe that management and the Board may be more interested in entrenching themselves than in delivering maximum value for all shareholders."

"the limited authority conferred to the LID by BlackRock’s Board, confirms the lack of commitment to an effective counterbalance to the Chair/CEO"

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

"Trian believes that DuPont’s Board should ask whether the Lead Director has the capacity to effectively serve DuPont’s stockholders in that role"

"Agrium's Board has, in our view, done little to ensure that shareowners in the company have the information they need to make informed decisions"

"Disney has significantly underperformed the S&P 500 during every Director’s tenure, including over Mr. Iger’s near quarter century on the Board."

"Trian believes that DuPont's Board should ask whether the Lead Director has the capacity to effectively serve DuPont's stockholders in that role"

"Trian believes that DuPont's Board should ask whether the Lead Director has the capacity to effectively serve DuPont's stockholders in that role"

"the limited authority conferred to the LID by BlackRock's Board, confirms the lack of commitment to an effective counterbalance to the Chair/CEO"

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

"If you vote against Proposal 2, you will tell Apple and its Board that you agree with us and that Apple needs to improve its capital management."

"Disney has significantly underperformed the S&P 500 during every Director’s tenure, including over Mr. Iger’s near quarter century on the Board."

"Our Board nominees will ask the difficult questions to focus the Company on dramatically improving profitability and value for all shareholders."

"Independent Slate wonders if incumbent Board merely “rubber stamped” these acquisitions without conducting proper and independent due diligence"

"Before significant investments are made supporting company-owned restaurants, a fresh perspective at the Board level could benefit shareholders"

"We have nominated six new director nominees and two current board members to the 10-person Board, leaving the opportunity for Board continuity."

"Despite a long history of focusing shareholders on non-GAAP financial metrics, the Board conveniently reverts to GAAP in their SG&A comparison."

"This is a Board that allows management to make promise after promise after promise, but seemingly has no desire to hold management accountable."

"We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability."

"We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability."

"Spruce Point has serious concerns with Mr. Starrett who has served as Chairman of the Board since 2012 and as member of the Board since 2011."

"Ultimately, we believe that the Company's failure to achieve its potential is the result of a Board that has not held management accountable."

"FMCN's 2009 disposal of Tou Jia (aka “Tuojia”), a small traditional outdoor billboard company, for zero consideration also seems unjustified."

"[Crown Castle] has been flagged for an entrenched board as around 50% (as of March 2020) of its members have a tenure of more than 15 years."

"We believe majority support for this proposal will send a clear and direct message to the Board to eliminate the dual-class share structure."

"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")."

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"After working with Elliott, Marathon Petroleum's Board and management acted decisively to create a more focused and efficient organization."

"Rather than look out for the best interests of shareholders, it appears that Darden's Board has taken steps to further entrench themselves."

"Rather than look out for the best interests of shareholders, it appears that Darden's Board has taken steps to further entrench themselves."

"Coffman's extensive executive level operating experience in the refining industry would make him a valuable addition to the Phillips Board."

"On the full board, there are no international marketing nor digital experts; only one outside director is from a consumer goods background."

"The irony is that the Board is now taking credit for how much it “values refreshment” and how it is composed of a group of “change agents.”"

"The magnitude and growth of Agrium's corporate overhead illustrates several key shortcomings and raises questions regarding board oversight"

"Trian recommends that the Board take the following actions*: Strengthen management by immediately bringing back Chuck Bunch as Chairman/CEO"

"There are Multiple Pathways for BMC to Create Significant Value for Stockholders - All of Which Can be Explored With a More Impactful Board"

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"Coffman's extensive executive level operating experience in the refining industry would make him a valuable addition to the Phillips Board."

"A New Mandate at DSP is Required to Ensure Alternative Viewpoints are Allowed to Be Introduced and are Properly Considered in the Boardroom"

"Time To Exercise The Clawback Provision? Why The Board's Lack of Financial Sophistication Is Enabling Insiders To Reap Unjust Compensation"

"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."

"Based on Mr. Peltz’s track record, he’s not a short-term guy. When he gets on a Board, they stay in the stock for an average of 5.6 years."

"Disney's Board would seemingly rather spend ~$40mm of shareholders' money than invest a little time to ask questions about their candidacy"

"Over the intermediate-term, with a revamped Board and c-suite, we believe Forward Air's value creation opportunity is $140-$145 per share."

"The Board reached out to Mr. Iger and hired him back over one weekend, calling into question whether any other candidates were considered."