Callouts & quotes from 338+ activist slides

"For over 5 years, shareholders have been asking to vote on directors annually; For over 5 years, shareholders have been ignored"

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

"Shareholders can choose between two slates: the Vivendi slate or a slate with Independent directors that represent the market."

"Great companies that have lost their way – like Disney – often thrive after new directors, nominated by Trian, are appointed."

"The first thing is, adding credible directors to the board to instill a culture of accountability of Phillips 66 management."

"a single nominee from an outside shareholder in a boardroom of 12 directors is not sufficient to bring about needed change"

"We look forward to discussing these points with the Board of Directors as well as the other shareholders at the next AGM."

"Halit Coussin and Charlotte Denton joined the Board of Directors while Rupert Morley became Chairman of the Board in 2024"

"Hess Claims Process to Update Directors Began Last August But Hess Pushed Out Sam Nunn Who Was Actually Added in August"

"NO legacy directors were refreshed between 2018 - 2021; new directors were ALL added by expanding the size of the Board"

"NO legacy directors were refreshed between 2018 - 2021; new directors were ALL added by expanding the size of the Board"

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

"Properly evaluating and executing a portfolio simplification will take credible, experienced and independent directors."

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

"Oasis proposes giving external directors stock compensation (RSUs) to better align them with Kao’s long-term success."

"Only 1 of 12 independent Nestlé directors (newly appointed Kasper Rorsted) has fast-moving consumer goods experience"

"Kao’s two-month early announcement of new directors short-circuited what should have been a robust selection process"

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"All four directors we are seeking to replace lack the necessary operational experience to transform Office Depot."

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

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

"Spruce Point never likes when executives and directors have little skin in the game when evaluating investments."

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

"The four legacy directors mentioned below have purchased a combined total of 7,700 shares in the past 10 years"

"Laurel Krzeminski and Michael McNally are not the only Limbach directors with connections to accounting fraud."

"Directors with the appropriate skills, unaffiliated with the CEO and who bring a fresh perspective are needed"

"We are concerned that even newly-appointed directors have seemingly agreed to shareholder-unfriendly actions."

"Directors with the appropriate skills, unaffiliated with the CEO and who bring a fresh perspective are needed"

"The current directors have shown an inability to hold management accountable and have accepted poor results."

"The pattern of troubling behavior has not changed. Strong, capable, and independent directors are required."

"However, in breach of Kao’s own process, only two members of the Committee interviewed the Oasis directors."

"Spruce Point questions why Remitly appointed Peggy Smyth to its Board of Directors and as its Audit Chair."

"We are confident in our ability to identify high-quality directors committed to creating stockholder value"

"Taubman's underperformance is squarely the result of management and its board of directors, NOT the assets"

"Given their actions to date, we believe these four directors are highly unlikely to demand accountability."

"Elect shareholder-nominated directors empowered to drive accountability and improve long-term performance"

"Improve accountability of Phillips 66’s management by adding credible directors with a mandate for change"

"Management has taken our Proposal seriously – our Proposal was presented to McDonald’s Board of Directors"

"Improve accountability of Phillips 66’s management by adding credible directors with a mandate for change"

"Elect shareholder-nominated directors empowered to drive accountability and improve long-term performance"

"Improve accountability of Phillips 66's management by adding credible directors with a mandate for change"

"Who is BP's Board of Directors trying to fool? Its own shareholders, the UK Government or seemingly both?"

"Vote AGAINST the Fuji/Xerox Transaction and FOR a Board of Directors that can Maximize Shareholder Value"

"We question whether the newly appointed directors have sufficient experience to demand accountability."

"Elliott has nominated eight independent, highly qualified directors to Southwest's Board of Directors."

"We question whether the newly appointed directors have sufficient experience to demand accountability."

"Least independent, least energy experience, most management directors and one of the longest tenures"

"Do the External Directors believe Kao should develop medical treatments and enzyme-driven batteries?"

"Unfortunately, the Company has been reluctant to include these directors in major Board discussions."

"P&G’s 10 independent Directors, on the other hand, have had almost no CPG experience outside of P&G"

"There are no legitimate grounds to challenge a non-binding board policy asking directors to resign."

"We believe the Board has failed to address two of the most troubling legacy directors on the Board."

"That is why we think it is imperative that four new, independent directors are added to the Board."

"WE ARE SEEKING YOUR SUPPORT TO REPLACE 4 DIRECTORS, INCLUDING 3 OF 5 REPRESENTATIVES OF CARL ICAHN"

"...but the Board has not shared in this pain as directors only own around 60k shares of OUTR stock"

"Starboard reconstituted a majority of the Board with directors who guided a successful turnaround"

"What has been the External Directors' assessment of the decline in EVA over the past three years?"

"Despite new directors added from 2019 to 2021, the Board’s troubling behavior remains unchanged."