Callouts & quotes from 1,420+ activist slides

"Disney’s Board Appears Far More Focused on Gamesmanship Than Substantive Shareholder Engagement"

"Spruce Point believes Zillow shareholders would benefit from a major shakeup of Zillow’s Board."

"How can the Board allow Heska to operate without a CFO for that long, unless they had concerns?"

"The Transaction Will Be Structured To Preserve The Board's Ability To Use Its Business Judgment"

"Management and the Board have little credibility for predicting the outcome of their businesses"

"Spruce Point believes investors should not be comforted by GFL's supposed "Independent" Board."

"We call on the Board of Directors to conduct an investigation of CEO Tom Ward and this conduct"

"Board and management is overtly satisfied with current performance and sees no need for change"

"We urge all shareholders to promptly consent to remove and replace the Board to Revitalize HMA"

"Board and management is overtly satisfied with current performance and sees no need for change"

"We therefore call on the Board to immediately put the proposed spin-off to a shareholder vote."

"Board and management is overtly satisfied with current performance and sees no need for change"

"Our Detailed Analysis to Date Has Indicated that Starboard’s Proposals Would Not Enhance Value"

"The Board’s settlement offer fell woefully short of the boardroom change we believed necessary"

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"Board should conduct a comprehensive strategic review of assets to maximize shareholder value"

"Even the average of the Board-approved Proxy Peer set is OUTSIDE of proxy advisor guidelines!"

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"Starboard's Plan Sells Yahoo At The Lows; Our Plan Unlocks Meaningful Upside for Shareholders"

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"There is Significant Overlap Between the Board, Management, and Legal Counsel of DSP and CEVA"

"The proposed transaction can be simplified into two key questions for the Board to consider:"

"The Firth Rixson failure alone might have been enough for the Board to dismiss Dr. Kleinfeld"

"We are confident that with a shareholder mandate, the Board will make the right CEO decision"

"Oasis believes the low board size limits the coverage of skills, diversity and independence."

"Oasis believes the low board size limits the coverage of skills, diversity and independence."

"Respondents believe the board lacks both accountability oversight and operational expertise."

"To Be Viewed in Combination With Starboard Investor Presentation Filed on February 28, 2022"

"Consequently, unlike many currency boards, the HKD system can be quickly and easily amended"

"Starboard has a long history of positive and constructive engagement with public companies."

"Our goal is to work with other members of the Board and focus on the following initiatives:"

"Our goal is to work with other members of the Board and focus on the following initiatives:"

"Management & the Board must take immediate action to reverse the cycle of value destruction"

"It seems the Board and Mr. Shaw are misleading shareholders about Mr. Orr's PSR expertise."

"Directors who approve such tactics should be barred from serving on public company boards."

"GCP needs a truly independent Board that can mitigate any potential conflicts of interest."

"For years, ALL directors had overlooked numerous concerning conflicts among Board members."

"Shareholders deserve a focused board with a sense of urgency and mandate to maximize value"

"Long pattern of irresponsible governance practices necessitates a replacement of the Board"

"We believe that this provides further indication that the current Board is dysfunctional."

"No CCME controller. There is a media control box manufactured by Inspur in the dashboard."

"What more does the Board need to see to realize that the current strategy is not working?"

"We believe the Board ignored obvious interconnects among its most long-tenured directors."

"The Overlap Between the Board and Legal Counsel of DSP and CEVA Raises Material Questions"

"THE STATUS QUO CANNOT PERSIST IN THE BOARDROOM – SHAREHOLDER-DRIVEN CHANGE IS NEEDED NOW"

"Why did the Board issue a $500 million security if KKR only wanted to own $150 million?"

"We believe Darden’s proposed Board is at best suboptimal and potentially dysfunctional."

"Why did the Board accept growth + profit – the “hallmark” of value – declining so much?"

"Shareholders deserve answers and a Board that will protect their interests at all times"

"We believe Darden’s proposed Board is at best suboptimal and potentially dysfunctional."

"We have nominated eight independent, highly qualified candidates for Southwest's Board."

"(To Be Viewed In Combination With Starboard Investor Presentation Dated April 30, 2020)"

"Why did the Board accept growth + profit – the “hallmark” of value – declining so much?"

"Shareholders deserve answers and a Board that will protect their interests at all times"

"How can the Board justify continuing to lose over $500 million in its Display business?"

"Absent greater change, analysts see little hope for shares (under the incumbent Board)"

"We are concerned by the Board’s inability to craft well-designed compensation programs"

"We are concerned by the Board’s inability to craft well-designed compensation programs"

"It is clear that Board change is required to address Box’s serious compensation issues"

"This highlights the Board’s inability to oversee Mr. Proud’s chaotic management style."