Callouts & quotes from 1,420+ activist slides

"In our view, the Nominees for Shareholder Choice will bring much needed “new life” to Target’s insular incumbent board"

"Fundamentally, the Company’s culture needs a reset – and this requires an overhaul of the Board, beginning at the top."

"We propose the addition of at least three truly independent directors to the boards of Samsung Holdco and Samsung Opco"

"In the beginning, HBOP ordered a corrugating medium paper machine, but now, it's ordering a kraft board paper machine."

"The Board would be paying the CEO half a billion dollars on the way out the door after he destroyed shareholder value."

"It is unfortunate Darden's current Board has chosen a scorched earth strategy for protecting their selfish interests."

"Evidence of shareholder dissatisfaction is also clearly visible in the AGM approval rate for Sumitomo Realty’s Board."

"The Board is responsible for holding management accountable on improving its expected revenue return to at least 38%"

"Carl Bass’s appointment reflects Box’s unwillingness to collaborate in good faith with Starboard and other investors"

"Trian's objective is to create sustainable, long-term value at Disney by working WITH Bob Iger and the Disney Board."

"Since our investment became public in July 2012, we have shared our perspectives with P&G’s management and board on:"

"Starboard seeks to leverage its experience turning around Olive Garden in improving operational execution at Outback"

"The Board has given Bob Iger a dual-mandate to get the business back on track and assist with succession planning..."

"If the desire to declassify is genuine, one would think the board would accept the remedy that Elliott has proposed."

"The Board is responsible for holding management accountable on improving its expected revenue return to at least 38%"

"However, it has become clear to us that there is a debilitating lack of oversight and leadership at the Board level."

"Did John Hess vote against the recommendation of his OWN BOARD of which he is Chairman? How will he vote this year?"

"it is crucial that the Board understand that Southwest’s leadership has already lost the trust of its shareholders."

"Did John Hess vote against the recommendation of his own board of which he is Chairman? How will he vote this year?"

"it is crucial that the Board understand that Southwest’s leadership has already lost the trust of its shareholders."

"We call on the Board to suspend its acquisition strategy post a through review of management's recent transactions."

"We Estimate That Starboard Inflated Their REIT Multiple Analysis by ~4x Through Flawed Calculations and Assumptions"

"So why does the Board believe AOL should be compared to the world's largest companies for purposes of compensation?"

"it is crucial that the Board understand that Southwest’s leadership has already lost the trust of its shareholders."

"Phillips 66 (NYSE: PSX) needs to refocus on operational excellence by adding deep industry expertise to its Board."

"Target's management and the board have a greater percentage of their ownership in derivatives than Pershing Square"

"These are additional examples of the Board’s level of entrenchment and only underscore the urgent need for change."

"Engage a new financial advisor with NO ties to the Board and publicly announce a sale process to take OUTR private"

"Trian has a track record of adding value in the Boardroom, improving both operating results and share performance."

"We would prefer to see the Board add individuals that have full independence and no prior connection to management"

"A Special Meeting will provide shareholders with a forum to express a clear opinion, which the Board should honor."

"These three directors hold ALL leadership positions on the Board, including Chairman and chair of all committees."

"Would a Board truly interested in good governance be so concerned about an advisory vote on a non-binding policy?"

"This is yet another example of the Board's level of entrenchment and only underscores the urgent need for change."

"Rounding out Eurofins’ governance shortcomings, its Board of Directors includes Dr. Martin’s brother and ex-wife."

"Yet, Per the Board's own assessment below, Mr. Jagdfeld lacks strengths both in M&A and the clean energy market."

"Herbert Chang was the biggest shareholder at IPO of Oplink and of Monolithic, and is still on Monolithic's Board"

"It Is Time for the Board to Announce a Strategic Alternatives Process Aimed at Maximizing Value for Shareholders"

"We believe there is an opportunity to create significant value under the leadership of a new and improved Board."

"Starboard reconstituted a majority of Marvell's Board with capable directors who guided a successful turnaround."

"The Board has failed to respond to shareholders’ repeated requests for significant environmental risk oversight."

"The Board has failed to respond to shareholders’ repeated requests for significant environmental risk oversight."

"AOL shareholders need a Board that will exercise stringent financial discipline to address these massive losses."

"Apart from Nigel Travis and Kathleen Mason, the rest of the Board lacks substantial retail operating experience"

"Analysts and investors appeared excited to see Starboard involved in Box after years of stockholder frustration"

"We believe that Tessera’s high level of executive turnover evidences a dysfunctional Board and management team."

"Pershing Square concludes that the Revised Transaction was not adequately explored by the board or its advisors"

"If underperformance persists, shareholders will have no choice but to hold management and the Board accountable"

"XL seems to be the Gang That Couldn't Shoot Straight. It lost California Air Resources Board ("CARB") approval."

"Since Dan Loeb left the Yahoo Board in July 2013, all of Mayer's $2.5 billion in stock buybacks are under-water"

"Unlike peers, HMA does not have a Board specific committee with direct oversight of both compliance and quality"

"Shareholders should support CalSTRS' proposal asking the Board to effectuate a separation of the Steel business"

"Given this distressing history, why would the Board look to add a director with a well-known Reg-FD violation?"

"MISTAKE: Board elects not to transfer credit risk in the transaction, primarily to retain underwriting control"

"The Board is clearly committed to ignoring the will of shareholders, underscoring its culture of entrenchment."

"Given this distressing history, why would the Board look to add a director with a well-known Reg-FD violation?"

"In Our View, Best Corporate Governance Practices Don't Involve Appointing Your “Pal” or “Friend” To Your Board"

"Based on recent shareholder-unfriendly actions, this Board seems highly unlikely to stand up for shareholders."

"We believe the Board’s compensation practices must be significantly improved in order to drive accountability."

"Darden’s Board Recommends Darden Shareholders Vote the BLUE Proxy Card “FOR ALL” of Darden’s Director Nominees"