Callouts & quotes from 164+ activist slides

"We believe the Board's choice of the S&P 600 as the Company's reference index may have been primarily driven by its underperformance relative to all other relevant comparable indices."

"Phillips 66’s refining kit is comparable to peers Marathon and Valero – its underperformance is primarily driven by poor operational execution, rather than the quality of the assets."

"Phillips 66's refining kit is comparable to peers Marathon and Valero – its underperformance is primarily driven by poor operational execution, rather than the quality of the assets."

"Since 2014, the delta in operating underperformance is now ~1,500 bps as the core Expedited LTL OR has deteriorated ~825 bps and LTL peers have seen ORs improve ~675 bps on average."

"Specifically, Elliott noted Phillips’ conglomerate structure, poor operating performance and damaged credibility with shareholders as factors driving the Company’s underperformance."

"Relative to its hospital peers, HMA has demonstrated consistent, escalating underperformance on both same-store admissions and same-store adjusted admissions over the past 5 years"

"Despite underperformance by the company, some directors' compensation has gone up. This implies very little accountability and lack of alignment to performance/financial results."

"Any continued underperformance of AOL advertising sales is particularly of concern, as the mainstay of AOL's new strategy is advertising from its content sites on the Internet."

"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."

"Huntsman has the most skewed payout structure, meaning management gets rewarded significantly more for outperformance than they are penalized for the same underperformance."

"Phillips 66 (NYSE: PSX) needs bold solutions to reverse a decade of underperformance, including simplifying an inefficient structure and restoring management credibility."

"Shareholders should not trust the management team or a Board that has overseen financial underperformance, poor capital allocation and unacceptable corporate governance."

"Significant share price underperformance driven by declining same-store sales and recent store repurchases that earn a return below Buffalo Wild Wings' cost of capital"

"The Company's underperformance relative to its peers and the broader market with respect to total stockholder return is evident over nearly every relevant time period."

"Stock price underperformance is a major criterion by which proxy advisory services (e.g., ISS, Glass Lewis) and proxy groups at large mutual funds evaluate a company"

"Southwest's operational meltdown stranded 2 million customers over the holidays and drove 30%+ share performance underperformance relative to peers over 2 months."

"Trian believes P&G’s decade-long record of underperformance relates in great part to a culture that is insular – rejecting outsiders and new ways of thinking."

"Southwest’s operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months(1)"

"Our estimates conservatively assume UNP only recaptures half the volume underperformance vs. US railroad peers that UNP experienced under current leadership."

"Sampo's underperformance has not been driven by operational missteps; rather, sentiment in Sampo has degraded: IF P&C + Mandatum have de-rated ~8x vs. peers"

"The CEO of Phillips 66 (NYSE: PSX) is talking down the value of his own company’s shares, saying they are fully valued despite 10 years of underperformance."

"We believe a major reason for FirstGroup’s consistent underperformance since 2008 is the Company’s increased complexity following the acquisition of Laidlaw"

"The Executive Chairman and CEO, who have spent a cumulative 74 years at Southwest, have presided over a period of stunning underperformance at the Company."

"Southwest's operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months"

"The Executive Chairman and CEO, who have spent a cumulative 74 years at Southwest, have presided over a period of stunning underperformance at the Company."

"Southwest’s operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months"

"Phillips 66's (NYSE: PSX) CEOs reaped an eye-popping $140M from 2020-2024—despite ongoing stock and operating underperformance and missed cost targets."

"PHILLIPS’ REFINING KIT IS COMPARABLE TO PEERS MARATHON AND VALERO – UNDERPERFORMANCE IS PRIMARILY DRIVEN BY POOR OPERATIONS, RATHER THAN WORSE ASSETS"

"Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier’s was COO"

"Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier’s was COO"

"The share-price underperformance and operational issues highlighted in our letter clearly demonstrate that Commvault requires fundamental change."

"We believe that Target’s substantial negative returns to its shareholders are reflective of its operating underperformance compared with Wal-Mart"

"We believe WUBA should have already incurred a massive impairment charge to its goodwill due to Ganji’s underperformance over the past few years."

"The underperformance of AOL's advertising business relative to the growth rates of its competitors reflects the strategies each chose to employ."

"After years of underperformance, Splunk is now trading far below peer multiples, despite strong top-line growth and an enviable market position."

"Through this process, we have developed deep conviction in the opportunity for Goodyear to improve after more than a decade of underperformance"

"This stock-price underperformance is a direct result of athenahealth's inability to execute across a range of strategic and operational issues."

"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."

"ADP’s underperformance has been concealed due to complex accounting and reduced disclosure which makes benchmarking to competitors difficult"

"After years of underperformance, we believe GE finally has the right collection of businesses and structure... now it is time to execute"

"Initially approached Crown Castle privately in May 2020 about our comprehensive plan to remedy Crown Castle’s chronic underperformance"

"We believe the root cause of Disney’s underperformance is poor oversight from a Board that lacks focus, alignment and accountability"

"Despite multiple years of deteriorating operating results and share price underperformance, CEO compensation has increased each year"

"We believe the root cause of Disney’s underperformance is poor oversight from a Board that lacks focus, alignment and accountability"

"Phillips 66's first-quarter earnings report on April 25 comes amid a long, frustrating period of underperformance versus its peers."

"Phillips 66's first-quarter earnings report on April 25 comes amid a long, frustrating period of underperformance versus its peers."

"Adjusting for differences in owned real estate and franchised stores highlights Darden's dramatic underperformance versus Brinker"

"Adjusting for differences in owned real estate and franchised stores highlights Darden's dramatic underperformance versus Brinker"

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

"We believe that Target’s suboptimal board has contributed to the company’s material underperformance during this recession"

"We believe this underperformance pressured Fairfax into becoming aggressive in pulling accounting levers starting in 2018."

"Against what we believe is a fully objective list of peer companies, Dr. Kleinfeld demonstrates profound underperformance"

"Lack of transparency and broad category definitions (in financial reporting) mask underperformance of various businesses"

"... resulting in a destructive cycle of inaction which underpins Keisei’s persistent underperformance and undervaluation"

"McGraw-Hill's value creation plan should address the key structural elements of its underperformance and undervaluation."

"Top executives paid almost $50m over past 3 years despite 70%+ underperformance of SE share price versus comparables"

"We believe Crown Castle's underperformance can be remedied and requires improved performance in its fiber business."

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

"Based on its recent underperformance, Lowe’s trades at a discount to Home Depot on both LTM and 2012 multiples"