Callouts & quotes from 293+ activist slides

"“I do belong to the camp where I think there is clear space for a product that is oral and has the tolerability that we believe our TYK2 agent has and has a efficacy that is comparable to biologics to carve a really important space in the market. And we do look at that opportunity as a really meaningful opportunity for us.” — Giovanni Caforio, Chairman & CEO, Guggenheim Partner Oncology Day, February 2019"

""We believe a separation of our retail business from the remainder of Valero by way of a tax-efficient distribution will create operational flexibility within the businesses and unlock value for our shareholders... As independent companies, both retail and the remaining business will be better-positioned to focus on their industry-specific strategies." — Bill Klesse, Valero Chairman and CEO, July 31, 2012"

"“Mr. Tan has not sold a single share of Qutoutiao during the IPO or after the IPO, and has taken the CEO role to drive the business forward. All the shares owned by Mr. Tan are founder’s shares, and Mr. Tan has not earned any share rewards for his role as the CEO or Chairman of the Company. Mr. Tan has not pledged any of his shares to obtain cash advances either.” — Qutoutiao (quoted by Wolfpack Research)"

""The FTC settlement is an acknowledgment that our business model is sound and underscores our confidence in our ability to move forward successfully, otherwise we would not have agreed to these terms." — Michael O. Johnson, chairman & CEO, Herbalife. "The terms of the settlement in no way change our business model as a direct selling company but simply build upon current procedures." — Michael O. Johnson"

""[U]nification will reduce complexity and costs, provide greater strategic flexibility, enhance Brambles' position as a leading company on the ASX and eliminate the differential between the share prices of Brambles Industries Limited on the ASX and Brambles Industries plc...." — Don Argus while Chairman of Brambles (Jac Nasser was a Director of Brambles at that time), November 29, 2005"

""The report issued by Muddy Waters contains many inaccuracies, omissions, fabrications, and unsubstantiated claims..." — Orient Paper. "We are committed to a high level of corporate governance and stand by the integrity of our company..." — Allen Chan, Chairman and CEO of Sino-Forest. "We categorically reject their allegations as inaccurate, unreliable and misleading." — Noble Group."

""The officers of the Corporation shall be elected by the Board of Directors and shall include a Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary. The Board of Directors of the Corporation, in its discretion, may also elect a Chairman of the Board of Directors (who must be a director)..." — BlackRock, Bylaws, Article IV – Officers – 4.1 designation"

"The officers of the Corporation shall be elected by the Board of Directors and shall include a Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary. The Board of Directors of the Corporation, in its discretion, may also elect a Chairman of the Board of Directors (who must be a director)... — BlackRock, Bylaws, Article IV – Officers – 4.1 designation"

""The board should exercise objective judgement on corporate affairs and be able to make decisions independently of management. The roles of chairperson and CEO should not be held by the same individual." — NBIM; "We generally support proposals requesting the separation of the CEO and chair roles." — CalPERS; "The board should be chaired by an independent director." — CalSTRS"

"“too many inexperienced directors” — Former Chair Brian Derksen. “too many unengaged directors” — Former Chair Brian Derksen. “[Plantro/OneMove] use their nominating rights to nominate better director candidates [than Ronnie Wahi and Ted Prittie]. Today neither nominated directors have appropriate public board experience or level of engagement” — Former Chair Brian Derksen."

"HLF CEO Michael Johnson: “The FTC settlement is an acknowledgment that our business model is sound” — Herbalife. Carl Icahn: “The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme” — Carl Icahn. “I do not endorse that statement [referencing Icahn’s statement].” — FTC Chairwoman Edith Ramirez."

"“I would not put him very high on that list. But he's Taiwanese. He's a Taiwanese entrepreneur... he doesn't really care much about corporate governance per se.” — MPWR's Early Executive; “Michael (CEO) doesn't like people asking questions he doesn't like. And Alan was doing his job as audit chairman and sort of rocked the boat too much.” — MPWR's Early Executive"

""So I think lessons learned for me. I would say I have a more full appreciation for the value and not trying to do an integration of that size on a shoestring, but to have it well planned out and to bring in a third-party to manage the process because that allowed us not to take our eye off the ball on our core business." — Keith Myers, Chairman & CEO, LHC Group"

""We will operate a low-cost operating model in all that we do. In essence, we will continue to apply a low-margin operating mindset to a high-margin business. We will take pride in our frugality, our ability to make quick decisions based on internal resources, our willingness to all wear different hats at different times." — Mike Pearson, 2010 Chairman’s Letter"

"“Who wants to bring their family into a struggle to make it? Who wants to bring their family into an eventual deception?” — Stephan Gratziani, Current Chairman’s Club member. “[S]uccessful people in retailing in our business, it’s a very small percentage. . . . The majority of our people have a difficulty in selling products, in general.” — Stephan Gratziani."

"“Who wants to bring their family into a struggle to make it? Who wants to bring their family into an eventual deception?” — Stephan Gratziani, Current Chairman’s Club member. “[S]uccessful people in retailing in our business, it’s a very small percentage. . . . The majority of our people have a difficulty in selling products, in general.” — Stephan Gratziani."

""Who wants to bring their family into a struggle to make it? Who wants to bring their family into an eventual deception?" — Stephan Gratziani, Current Chairman’s Club member. "[S]uccessful people in retailing in our business, it’s a very small percentage. . . . The majority of our people have a difficulty in selling products, in general." — Stephan Gratziani."

"“Who wants to bring their family into a struggle to make it? Who wants to bring their family into an eventual deception?” — Stephan Gratziani, Current Chairman’s Club member; “[S]uccessful people in retailing in our business, it’s a very small percentage. . . . The majority of our people have a difficulty in selling products, in general.” — Stephan Gratziani"

"Upon transition from CEO to Executive Chair on March 1, Mr. Gustafsson's base salary was reduced to $200,000 and he ceased participation in the 2023 Zebra Incentive Plan as of that date. Additionally, he received a one-time $9,000,000 equity award of time-vested RSUs that vest as of the 2024 Annual Meeting of Stockholders. — Zebra Executive Chair Agreement"

"Lagomasino oversaw consecutive years of problematic compensation decisions, resulting in significant shareholder opposition, which the committee [that she chaired] failed to promptly address. ISS also noted that “Lagomasino bears more responsibility than any other serving nominee for the failure ... to cultivate a readily apparent successor to Iger.” — ISS"

"“So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla, Pfizer Chair and CEO"

"“Effective 2023, Parkland’s Board has adopted a 10-year term limit for its Board, excluding executive Board members. Notwithstanding the foregoing, the Board Chair may stand for re-election outside of the 10-year limit in order to ensure that appropriate succession is in place and to ensure an orderly transition.” — Parkland’s 2023 Information Circular."

"We supported Mr. Pease’s appointment to the Board, in part because we were encouraged by his outlook on corporate governance. For example, during the interview process with us, Mr. Pease shared the very clear and widely held view that having a CEO also serve as Board Chair was detrimental to a company in need of change. — Elliott Investment Management"

""The contract is currently suspended. It’s been signed by COMIBOL and the company but without (parliamentary) approval it does not enter into effect. Until there’s a framework regulation, I personally don’t think this will get approved by parliament." — Hector Cordova, Former COMIBOL chairman (2011-2012) and former Vice Minister of Mines (2010-2011)"

"Well, if you look at where we’re trading today based on 2025 consensus earnings, we’re trading at something like an 8.8, 8.9 multiple, that’s more than one turn above our refining competitors. So, we believe there is some recognition of that midstream business in the shares today. — Mark Lashier, Chairman and Chief Executive Officer, Phillips 66"

"[...] the Board regularly reviews its leadership structure and considers this to be a key component of fulfilling its fiduciary duties to our shareholders. Importantly, the Board has chosen to maintain flexibility in its leadership structure and has not mandated the separation of the Chairman and CEO roles — BlackRock Proxy Filing 2024"

"[...] the Board regularly reviews its leadership structure and considers this to be a key component of fulfilling its fiduciary duties to our shareholders. Importantly, the Board has chosen to maintain flexibility in its leadership structure and has not mandated the separation of the Chairman and CEO roles — BlackRock Proxy Filing 2024"

"Henry Fernandez, our lead independent director, is a director and Chairman of the Board of MSCI. In April 2021, we entered into a cooperation agreement with MSCI, pursuant to which we will assist MSCI in MSCI's construction of life sciences index products in exchange for a share of MSCI's revenues from those products. — Royalty Pharma"

""We are pleased to have Trian as a significant shareholder. Nelson and Ed have an impressive track record as long-term investors, and their prior experience in asset management gives them a deep understanding of the significant growth opportunities of this industry." — G. Richard Wagoner, Chair of the Invesco Ltd. Board of Directors"

"In our view it’s both beneficial for consumers to enter into what we think is strong relief rather than litigating every case to conclusion... when we can’t reach a good settlement we will not hesitate to litigate. — FTC Chairwoman Edith Ramirez, FTC Press Event Regarding Herbalife International of America, Inc. (July 15, 2016)"

"As of the 2024 AGM, Misao Kikuchi has 9 public board mandates. By common investor and proxy advisor standards, this constitutes severe overboarding. As well as Keisei, these include: (1) OLC (Outside Director), (2) Keiyo Gas (Exec Chair), (3) Powdertech (Exec Chair), and (4) K & O Energy Group (Outside Director). — Note"

""The key word in describing my relationship with Nelson is that it has been constructive. Nelson and I worked best together by being transparent and candid with each other, leveraging his experiences and that of his team as we worked through various challenges." — Joseph A. Sullivan, Chairman and CEO, Legg Mason, Inc."

""The key word in describing my relationship with Nelson is that it has been constructive. Nelson and I worked best together by being transparent and candid with each other, leveraging his experiences and that of his team as we worked through various challenges." — Joseph A. Sullivan, Chairman and CEO, Legg Mason, Inc."

""The key word in describing my relationship with Nelson is that it has been constructive. Nelson and I worked best together by being transparent and candid with each other, leveraging his experiences and that of his team as we worked through various challenges." — Joseph A. Sullivan, Chairman and CEO, Legg Mason, Inc."

"Last month, Danimer Scientific's own Dr. Isao Noda traveled to Dubai and attended the Global Bottled Water Congress along with existing partners Maurizio Patarnello, CEO and Chairman of Nestlé Waters, and Simon Lowden, President and Chief Marketing Officer of Global Foods at PepsiCo (pictured). — Facebook"

"This [recent cost cutting] move is part of a larger effort to simplify our management structure, speed decision making and reduce costs. We are reallocating our workload and assets in order to invest in areas of higher growth, including online and new launches. — Ann Moore, Chairman and CEO of Publishing"

"I personally stand by and guarantee that the audited financial statements in the reports filed are accurate, and any material connected parties’ transactions have been disclosed in our management discussions and analysis. — Allen Chan, Sino-Forest Chairman / CEO on TRE’s June 14, 2011 conference call."

"Ted Miller is attempting to gain control of Crown Castle . . . and install himself as Executive Chair, or Chair in some capacity. Please revise to provide support, given that Mr. Miller is only seeking a minority of Board seats. — Division of Corporation Finance, Office of Mergers & Acquisitions"

"Also, on February 1, 2006, Douglas D. Cole, the Company's prior Chief Executive Officer, was appointed to serve as the Executive Vice President of the Company. He will also continue to serve on the Board of Directors of the Company and will act as Vice Chairman of the Board. — 8-K Filed 1/9/06"

"“As we look specifically at the first quarter, our results were again very consistent and dependable. A 6% increase in FFO per share to $0.37; 3% same-store NOI growth, the 10th consecutive quarter of growth at 3% or higher” —Chairman, CEO, and President, Scott Peters (1Q15 Earnings Call)."

"On the sales side, I want to talk about sales and talk about our leasing activity and our leasing spread... The moods of the retailers, and you've heard this on the other conference calls with our peers, is improving dramatically. — Art Coppola, Chairman & CEO of Macerich, November 5, 2009"

""in the future, consistent with the Company's Corporate Governance Guidelines it is the Board of Director's intention to separate the positions of Chair and CEO and that the position of Chair shall be held by an independent director on the Board of Directors." — Office Depot 2011 Proxy"

"Giant's balance sheet is akin to a personal financing tool for the chairman — Ottoman Bay Research. Giant Interactive Group "is willing to cooperate with authorities in their investigation into allegations the company is involved in money laundering activities." — Dahe Daily reporter."

"“A recession is when you have to tighten your belt; depression is when you have no belt to tighten. When you've lost your trousers - you're in the airline business.” — Sir Adam Thomson, Founder and Chairman of British Caledonian, one of Britain's most successful independent airlines"

"“Disingenuous” — Referenced in a 2016 email regarding Chairman and CEO Christopher Franklin. “Financial Expert” — Title given to Audit Chairman Lee C. Stewart. “fraud” and having “many characteristics of a Ponzi scheme” — Bankruptcy trustee description of Fletcher Asset Management."

"For the stock market speculators interested in enriching themselves through manipulation, information arbitrage and a “zero sum” gain, all at the expense of our investors, I am certain that their actions will ultimately catch up with them. — Zheng Cheng, Chairman, CEO and President"

"The SEC alleges that when the fraud was finally revealed, Satyam's then-Chairman, B. Ramalinga Raju, declared that maintaining Satyam's inflated revenues and profits "was like riding a tiger, not knowing how to get off without being eaten." — SEC Charges Satyam with Financial Fraud"

"“AS OTHERS HAVE MERGED INTO MEGACOMPANIES, WE ARE BECOMING MORE STREAMLINED AND FOCUSED. AS OTHERS HAVE BROADENED THEIR PORTFOLIOS, WE ARE FOCUSING ON SELECT AREAS OF MEDICAL NEED.” — JIM CORNELIUS, FORMER BRISTOL-MYERS CHAIRMAN & CEO AND CREATOR OF THE “STRING OF PEARLS” STRATEGY"

"They [Chairman Ding Shizhong and Wu Yonghua] have a controlling stake in those companies, in those distributors. ... They have invested in this company. How to say? That is, they call these companies “subsidiaries” or “branch companies”. — Mr. A (former senior ANTA executive)"

"There are two commonly accepted structures for independent leadership to balance the CEO role in the boardroom: 1) an independent Chair; or 2) a Lead Independent Director when the roles of Chair and CEO are combined, or when the Chair is otherwise not independent. — BlackRock"

""You know, it’s really amazing. I step out of the Ferrari, the Bentley, or whatever, and people go – ‘what does that guy do for a living? – and I go, ‘I’m an Herbalife independent distributor,’ and people are absolutely amazed" — Doran Andry, Chairman’s Club Member"

"“I work in the insurance industry because, as a balance-sheet guy, there’s a lot of junk you can play with… The fun you can engineer into an insurance company’s balance sheet is a lot more fun than some others.” — Dominic Frederico, 2001 (then Chairman of ACE INA)"

"It is unacceptable that the current Board was not made aware of the contract termination when it took place. We are taking immediate and appropriate measures to ensure that this type of communication breakdown is not repeated. — Dalton Gooding, Quintis Chairman"

"“Now, the integration value [of Speedway] is, I would say, proprietary. I can't give out a number from a competitive reason of that integration value, but I can say it is very significant...” — Gary Heminger, Former Chairman & CEO of Marathon Petroleum"

"be available to shareholders should they have any concerns that the normal channel of approaching the Chair, Group CEO, or Chief Financial Officer has failed to resolve or where such contact would not be appropriate — Aviva Corporate Governance Policy"

"Analytics is our long-term target to move from being a lower revenue generator in the low to mid-single digits to a medium revenue grower in the upper single digits over the long term. — CEO & Chairman Fernandez, Investor/Analyst Call, April 28, 2016"

"“Compensation is an important engine for a company's growth...(is it) linked to the growth of corporate value?... Verification against the market and global competitors is very important.” — Takatoshi Yamamoto, Hitachi Compensation Committee Chairman"

""The FTC settlement is an acknowledgment that our business model is sound and underscores our confidence in our ability to move forward successfully, otherwise we would not have agreed to these terms." — Michael O. Johnson, chairman & CEO, Herbalife"

"The Board determined once again this year that the service of Mr. Fink as both BlackRock's CEO and Chairman is the most appropriate and effective leadership structure for the Board and the Company at the present time. — BlackRock Board of Directors"

"We sincerely thank Martin for his many contributions and dedication to METTLER TOLEDO. We regret that he has to retire due to his new commitments and wish him well as he takes on this time-intensive role. — Robert F. Spoerry, Chairman of the Board"