Callouts & quotes from 1,420+ activist slides

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500."

"Hess has an interesting set of assets that have not yielded competitive shareholder returns over time. And they ought to. Working with the Board to refocus Hess in order to deliver returns to shareholders represents an exciting opportunity."

"Even through today, Disney has underperformed over every relevant period over the last decade...outside of the period since news broke of Trian’s increased beneficial ownership in Disney shares and expected request for Board representation."

"Even through today, Disney has underperformed over every relevant period over the last decade...outside of the period since news broke of Trian’s increased beneficial ownership in Disney shares and expected request for Board representation."

"To safeguard employees, shareholders, and other stakeholders' interests, Palliser call on Kobayashi-CEO and the Board to stem the ongoing value destruction and facilitate conditions for longer-term improvement with three immediate measures"

"The Board has failed to recognize and address the growing risk of 'greenwashing', despite an inconsistent and contradictory approach to ESG investing: in the 10K, BlackRock neglects to identify 'greenwashing' as a standalone source of risk"

"We believe this share price decline sends two clear messages: 1) PepsiCo is worth more and would be run better as two separate companies; and 2) the Board and management's decision not to separate goes against shareholders' best interests."

"The Board has failed to recognize and address the growing risk of 'greenwashing', despite an inconsistent and contradictory approach to ESG investing: in the 10K, BlackRock neglects to identify 'greenwashing' as a standalone source of risk"

"These appointments would bring fresh perspectives to the Board to facilitate a comprehensive re-evaluation of the optimal corporate strategy and the executive leadership required to ensure that Capricorn's full value potential is realised."

"In the face of a growing wall of tangible and qualified evidence, BP's Board of Directors, as a fiduciary of BP shareholders, cannot continue to close its eyes and follow a strategic plan based on assumptions which are simply unrealistic."

"Collectively, our Board nominees are a powerful group of leading executives, chairmen and directors of well-performing industrial companies with the necessary experience and independence to oversee a value-enhancing transformation of GCP."

"This diligence gave us confidence that the priorities outlined in our presentation are actionable, can be achieved in partnership with the Board and management, and will strengthen PepsiCo’s competitive position and long-term performance."

"We are short the securities of TeliaSonera because we believe information that is being withheld from investors, along with the current board and management's (in)actions, will significantly impact the company's shares and credit profile."

"We can only conclude two things from this fact pattern. Either: 1) By February 2011... the CEO search committee... had already determined that Mr. Austrian would become the permanent CEO... 2) The Board's governance is seriously lacking."

"When combining this convertible preferred equity issuance with the previously completed convertible debt financing, in downside scenarios, the Board has now created $845 million in liabilities in exchange for raising unnecessary capital."

"The market has demonstrated investors’ support for change on literally a daily basis with Arconic’s shares trading higher whenever Elliott has issued a letter and declining each time the Board has reiterated its support for Dr. Kleinfeld"

"On the #StrongerSouthwest podcast, Gregg Saretsky, Elliott's nominee for Southwest Airlines' (NYSE: LUV) board and former WestJet CEO, discusses the importance of accountability during WestJet's drive for stronger financial performance."

"New Board members with substantial retail, operating, and turnaround experience are desperately needed to transform Office Depot and set it on the right path for future success regardless of whether the OfficeMax Merger is consummated."

"New Board members with substantial retail, operating, and turnaround experience are desperately needed to transform Office Depot and put it on the right path for future success regardless of whether the OfficeMax Merger is consummated."

"Kuo Wei (Herbert) Chang was Monolithic's largest shareholder at IPO and continues today to serve on the Board. His involvement with prior public companies Oplink, BCD Semiconductor and Marvell Technology all merit significant scrutiny."

"The role of the CEO is to run the company. The role of the Board is to provide independent oversight of the CEO. Therefore, in general terms, there is an inherent conflict of interest for a CEO to act as her/his own oversight as Chair."

"Ancora believes Mr. Wolf's extensive leadership experience, together with his management and financial experience, will enable him to provide the Company with valuable executive insights will make him a valuable addition to the Board."

"The fact that the Board is averting its eyes from these risks raises questions about whether the Board’s priorities are aligned with those of shareholders – questions that take on greater urgency upon further examination of the Board."

"Starboard believes the Series A Financing has no bona fide business purpose given the Issuer's substantial cash balance and was done solely to entrench the Board and "buy the vote" ahead of a potential election contest with Starboard."

"Starboard hereby demands the right to inspect and copy the Books and Records of the Company described in the Appendix, as they are reasonably related to Starboard's interest in the Company and suspected lack of oversight by the Board."

"In addition to these more visible examples of our activism, Pershing Square continually engages constructively, behind-the-scenes, with the management teams and boards of our portfolio companies to effectuate long-term value creation"

"Alan Lindsay was UEC’s Chairman of the Board and large shareholder who was granted practically free equity. His son Oliver Lindsay is a convicted stock fraudster who served time in prison. CEO Adnani is related to the Lindsay family."

"GCP has attempted to mislead shareholders and redirect attention away from its track record of poor performance, rather than address our valid concerns around the performance of the Company under the stewardship of the current Board."

"Norfolk Southern’s transformation is at an inflection point. The board of directors has taken action to strengthen our business, protect our franchise, and ensure Norfolk Southern is positioned to deliver long-term shareholder value."

"Under new leadership, Marathon was able to successfully divest Speedway at an attractive valuation with limited impact to operations, despite the Board’s “unanimous conclusion” that Speedway should remain integrated within Marathon."

"Regardless of the outcome of the merger, Office Depot needs a newly reconstituted Board that possesses the appropriate skill-sets to oversee a turnaround of the Company with the goal of substantially improving operating performance."

"Under new leadership, Marathon was able to successfully divest Speedway at an attractive valuation with limited impact to operations, despite the Board's "unanimous conclusion" that Speedway should remain integrated within Marathon."

"Under new leadership, Marathon was able to successfully divest Speedway at an attractive valuation with limited impact to operations, despite the Board’s “unanimous conclusion” that Speedway should remain integrated within Marathon."

"UEC’s Chairman of the Board does not put on his biography his prior role at C3 Energy (ultimately becoming C3.ai) which we believe has become the poster-child and case study of promotional, speculative, and serial AI disappointment."

"We strongly urge the Board to be transparent with shareholders regarding the misdeeds that took place, including disclosing all who were responsible, and to ensure that changes are made to rebuild shareholders’ trust and confidence."

"Under new leadership, Marathon was able to successfully divest Speedway at an attractive valuation with limited impact to operations, despite the Board’s “unanimous conclusion” that Speedway should remain integrated within Marathon."

"Under new leadership, Marathon was able to successfully divest Speedway at an attractive valuation with limited impact to operations, despite the Board’s “unanimous conclusion” that Speedway should remain integrated within Marathon."

"Stacy Nieuwoudt’s extensive experience evaluating plans to maximize shareholder value and investing across the energy sector, as well as her public company board experience, would make her a valuable addition to the Phillips Board."

"We remain open to working constructively with management and the Board of GoDaddy and will continue to communicate our views, as necessary, to ensure the best interests of all shareholders are properly represented in the boardroom."

"strengthen the Board of Directors, adding the necessary capabilities to oversee large capital deployment in areas which are not BP's core business and have BlackRock's non independent director Pamela Daley removed from BP's Board."

"We believe that Ms. Schnabel’s substantial business experience and financial background, coupled with her extensive experience serving as a director of public and private companies, would make her a valuable addition to the Board."

"No matter the ultimate outcome, Agrium shareholders deserve a better process than this, and the current board still has much to explain regarding how it previously evaluated Retail acquisitions and the company's overall structure."

"Based on concerning actions taken by the current Board over the past few months, shareholders should have no reason to believe these directors have the strength and independence to hold management accountable for its new promises."

"We believe that Ms. Schnabel’s substantial business experience and financial background, coupled with her extensive experience serving as a director of public and private companies, would make her a valuable addition to the Board."

"His 40- plus years of global operating experience, financial expertise, consistent performance and an impressive track record serving on the boards of directors of public companies, will make him a valuable addition to the Board."

"While we are pleased to learn that, albeit with unfortunate delay, BP is begrudgingly doing exactly what we have been requesting since October 2023 - de facto recognizing the failure of the strategy adopted by a complacent Board."

"This group of director nominees has already begun to put together a 100-day plan to ensure that the Board can work quickly and seamlessly with management to lay the foundations for executing our longer-term strategic initiatives."

"Allied's auditors, Arthur Andersen LLP, either would not, could not, or did not feel they were required to provide Allied's Board of Directors and Shareholders in 2001 the following assurance they had provided in previous years."

"We believe McDonald’s needs independent directors who will drive the Company’s commitments to ESG, including animal welfare, forward and protect shareholders’ interests because the current Board has historically failed to do so."

"Apparently, Spruce Point isn't the only one that has reservations about Director Harker's fitness for the Board. We see that she has consistently received the largest number of votes against her for the annual Director election."

"The Board can begin working collaboratively with its largest shareholders on an orderly boardroom refreshment focused on attracting individuals who possess strong track records of value creation and relevant industry experience."

"In stark contrast, the four incumbent directors we are seeking to replace, who have collectively reaped millions in Board fees, have only purchased 78,000 shares of Office Depot common stock in the market in the last ten years."

"No matter how many shares of Common Stock you own, please give Starboard your proxy FOR the election of the Nominees and in accordance with Starboard’s recommendations on the other proposals on the agenda for the Annual Meeting"

"Spruce Point interviewed a former senior executive who formerly had insights into executive management and the Board and heard an opinion that a majority of Xylem’s businesses were commodities without a lot of margin potential."

"Elliott’s Geoff Sorbello explains why Phillips 66 (NYSE: PSX) has been able to maintain its staggered board—despite 99% of voting shareholders preferring to abandon the structure, which is used by only 10% of S&P 500 companies."

"We believe there are no major technical obstacles to executing the Sandell Plan Therefore, we believe it would be a mistake for the Board not to take advantage of current market conditions to position the Company for the future"

"We believe that NIHD's accounting is erroneous in this instance, rather than AMT's; however, Ms. Katz has been on both boards and audit committees around the time of the transactions and during the companies' ongoing reporting."

"The reality however, is that Starboard did not provide any “final position” prior to DSP issuing the letter and instead, DSP used this language to hide behind its attempts to blatantly mislead shareholders with false statements"

"We did so principally because we believe that the incumbent Target board has: Suboptimal composition, Made significant strategic mistakes that have destroyed shareholder value, Performed key corporate governance duties poorly."

"Prior to Starboard’s involvement, Huntsman ONLY ADDED directors to an otherwise entrenched Board. Huntsman in fact went out of its way to NOT REFRESH interconnected directors by repeatedly waiving mandatory retirement policies"