Callouts & quotes from 315+ activist slides

"Our research has uncovered significant concerns with Nova's independent consulting geologist who is a "Competent Person" and "Qualified Person" for U.S. SEC and Australian reporting purposes."

"I was particularly annoyed about the shameless allegation that Ströer did not have any proper corporate governance and that the supervisory board was not independent. Intolerable effrontery!"

"Oasis presents shareholders with the choice of “A Better Kao” through the nomination of five highly qualified and independent candidates, sourced from a months-long extensive global process."

"Senior Independent Director Blanc's lack of engagement reflects a discrepancy with her public rhetoric, which could be interpreted as an abuse of the guardianship privileges afforded to her."

"This contasts with the ANTA Prospectus description of Mr. Hong Yanqing as an independent third party; likewise, it suggests that the two Wus are Anta managers, not independent distributors."

"Glass Lewis believes that the installation of an independent chair is almost always a positive step from a corporate governance perspective and promotes the best interests of shareholders."

"Glass Lewis believes that the installation of an independent chair is almost always a positive step from a corporate governance perspective and promotes the best interests of shareholders."

"BlackRock’s Directors Mr. Gerber (24 year), Mr. Slim (13 year) and Mr. Freda (12 year), lack the presumption of independence and dilute the level of ‘true’ Independent Directors to 62.5%"

"Hughes is purportedly independent, and chairs the CPI PG board. He is also president of the audit and investment committees. Through his company, he has a 50/50 joint venture with Savic."

"Based on management estimates and our independent research and analysis, we estimate 6% to 8% long-term revenue growth. Our estimate is a slight discount to Valeant management estimates"

"At BlackRock's AGM scheduled for May 15, 2024, Bluebell Capital Partners is proposing an amendment to the company's bylaws to require an Independent Board Chair (Item 6 - Vote: “FOR”)."

"At BlackRock's AGM scheduled for May 15, 2024, Bluebell Capital Partners is proposing an amendment to the company's bylaws to require an Independent Board Chair (Item 6 - Vote: "FOR")."

"Independent analysis suggests that the U.S.'s $100 billion home-sale commission TAM could be reduced by as much as 30%-50% due to changes that will likely be brought on by the verdict."

"Independent evidence and field work (including agent interviews) strongly suggests that BEKE's realized commission rates are meaningfully lower than the figures reported to investors."

"Elliott has assembled a purpose-built slate of independent directors who collectively bring expertise and perspectives urgently needed to address the issues Phillips 66 faces today."

"Elliott has assembled a purpose-built slate of independent directors who collectively bring expertise and perspectives urgently needed to address the issues Phillips 66 faces today."

"Elliott has assembled a purpose-built slate of independent directors who collectively bring expertise and perspectives urgently needed to address the issues Phillips 66 faces today."

"Spruce Point expresses concerns that BOOT's Audit Chair is Brenda I. Morris who also serves as Independent Director and Audit Chair of Xponential Fitness (Nasdaq: XPOF) since 2019."

"The Board should be reconstituted with new, truly independent directors from outside of Southwest who have best-in-class expertise in airlines, customer experience and technology."

"The Board should be reconstituted with new, truly independent directors from outside of Southwest who have best-in-class expertise in airlines, customer experience and technology."

"Should the independent committee accept our offer, investors will greatly benefit by having reasonable transparency into a process that is critical to protecting their interests."

"WSP should overhaul its Audit Committee, which is stacked with a club of Montreal-based business executives and form an independent committee to evaluate Spruce Point’s findings."

"Independent accreditations play a large role in validating the services that DV offers. We find that it lost a major accreditation from the UK-based Audit Bureau of Circulations."

"AOL's equity grants in the last two years were time-based, rather than performance based, allowing the Company's executives to realize value independently of Company performance."

"Complacent leadership that does not see any upside opportunity vs. Highly credible independent directors nominated by a shareholder that sees a clear path to a $200+ share price"

"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."

"In part because of the involvement of ANTA proxies Lin Sankuan and Su Weiqing, we believe Li Yuxiong is in substance another manager from ANTA, and is not an independent party."

"Cintas needs to conduct a fully independent, and audited review of its Fire Protection Services workforce to make sure it is conducting its business in compliance with the law."

"Without validation of ROVI’s strategy and strengthened oversight by new and independent directors, shareholders risk being set up for yet another costly round of disappointment"

"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."

"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."

"I'm speechless. How can a "an industry leading provider of independent and professional consulting services to the mining and energy industries worldwide" produce such drivel?"

"If Generac is committed to ESG and transparency as it claims, it will issue a public response to Spruce Point’s questions arising from our independent forensic investigation."

"Over the last few years, they've led a production boom that has made our country more energy independent and, more recently helped cause oil prices to fall due to oversupply."

"We would expect truly independent Tier 1 distributors’ gross margins to approximate 30% to 35%, which is based on information provided in the interviews with Messrs. A and C."

"Then we come to the issue of supervisory board selection. This is one of Muddy Waters' central charges. They say, OK, we have a supervisory board that is not independent."

"Through the May 2023 filing of Samsara’s audit committee report, its Audit Chairman and “Independent Director” Jonathan Chadwick served on a mind-blowing ten (10) boards!"

"Dr. Beckerle is a beneficiary of substantial donations from the Huntsman family. Despite this fact, the Board shockingly claims Dr. Beckerle is an “independent” director."

"We believe the Board conducted an incomplete analysis of Dr. Beckerle’s independence and a consideration of all the facts suggests Dr. Beckerle is clearly not independent"

"In contrast to Vivendi's poor stewardship and frayed relationships, Elliott's Independent Nominees will prioritise improving relationships with regulators and authorities"

"He may be nominally independent, but Mr. Mongeau has repeatedly shown that he is not capable of advocating for shareholders' interests when they conflict with management."

"Among top-performing restaurant companies, Buffalo Wild Wings is one of the only companies whose compensation is entirely independent of EPS, ROIC or shareholder return."

"BlackRock is simply not in the position to fulfil its stewardship responsibilities. The Board, due to lack of independent oversight, has failed to recognised this issue."

"Each of the four independent divisions should be a leading company in its sector and provide a straightforward alternative to investors seeking exposure to the industry."

"As alluded to in the Glaucus report, the data is sourced by “independent consultant” Dr H S Anantha Padmanabha, who is also a biology and plantation consultant for TFS."

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"What is the point in overcoming the conflict of interest by asking a third party to vote the shares using BlackRock’s (weak) policies on the Lead Independent Director?"

"What is the point in overcoming the conflict of interest by asking a third party to vote the shares using BlackRock’s (weak) policies on the Lead Independent Director?"

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"Target’s board lacks significant shareholder representation, owning less than 0.3% of the company. Independent directors own only 0.02% of the company in common stock"

"WFG actively encourages its independent agents to develop downlines. Based on the definition provided by the FTC, we believe we can reasonably conclude WFG is an MLM."

"We encourage you to rely on the judgment of the Arconic Board, which is independent, objective and thoroughly dedicated to the interests of all Arconic shareholders."

"With 24 years of tenure, Mr. Gerber cannot possibly be considered “independent” beyond any doubt. BlackRock’s standard of governance has been damaged by this choice"

"Motif executive chuckled when saying they’re “independent” of Ginkgo; suggested Motif spend was controlled by a Motif “employee” who was acting in Ginkgo’s interest"

"Given the continuing evidence of a grossly mismanaged company, we see no option than for the Chairman of the Board and the Lead Independent Director to be removed."

"Starboard and BILL recently agreed to a Cooperation Agreement that results in the appointment of four new independent directors, including Peter Feld of Starboard."

"Considering the size and complexity of XOM relative to FMCN, it is almost laughable that an “independent” director is diluting public shareholders to this extent."

"Compensation paid by John Hess’s family estate for serving as executor(1): $8 million directly to Board members $3 million directly to Lead Independent Directors"