Callouts & quotes from 497+ activist slides

""This year, the Committee for Examination of Nominees for Directors and Audit & Supervisory Board Members spent more than six months discussing the matter before reaching a final decision, and the decision was made before Oasis Management proposed any director candidates." — Kao statement, December 12, 2024"

"“Absolutely. Literally, I had to laugh because I had documents in my possession where if you took the logo off, it was the exact same verbiage, the exact same formatting on a page – it was kind of scary.” — Former ADESA Director and Operations Manager at CarMax, 20+ years auto industry operations experience"

"Mr. Wu Yonghua, aged 41, is the Executive Director and the Executive Vice President of the Company. He is primarily responsible for the Group's sales and marketing management. He joined the Group in October 2003 and has over 10 years of experience in sales and marketing in China. — ANTA 2012 Annual Report"

"“there were other sales directors like that, too, absolutely...what would happen is their sales reps would push back, and they would just move that sales rep to somewhere else. I'm not kidding. I saw that happen twice because of what they were doing.” — Ex-field reimbursement manager working with Harmony"

"In the quarter, small-class ASP decreased by 9.9% in USD terms year-over-year. The decrease was mainly caused by significant enrollment contribution from Peiyou online, of which the price is much lower than Peiyou off-line classes. — Echo Yan, Director of Investor Relations, TAL FY2018, Q4 earnings call"

"a lot of centers are using it...the livers are fatty, metabolic syndrome, type 2 diabetes...the livers get replaced with fat...if it stays greater than 20% fat...then the liver doesn't tolerate the transplant very well. — Transplant surgeon and surgical director at a high-volume academic center in Utah"

"“the big thing I hear offline is it’s not very reliable” and “needs a lot of support and it has a lot of issues.” ... “TSMC is not buying the High NA Lasertec tool...there’s no confidence in my opinion that it will be a reliable product.” — Ex-KLA director of engineering focused on EUV mask inspection"

"The Xerox board includes several long-tenured directors – the last vestige of the “old guard” – who are a daily reminder of Xerox’s ignoble past under the leadership of former CEO Ursula Burns (who in 2014 was ranked number 4 on Time Magazine’s list of “9 CEOs With the Absolute Worst Reputations”)."

"[It's] sad: a (formerly iconic) US company selling control to a Japanese company.... But there is a Joint Venture Agreement...which made it practically impossible for Xerox to sell to anyone else.... A really amazing problem” — Charles Prince (Xerox director), in a personal email, February 1, 2018"

"“...I think we're approaching [the succession process at Disney] differently, and I just don't want to... it's just not something that I feel other than saying that we're aggressively pursuing succession, there's no more detail that I want to give.” — Robert A. Iger, CEO & Director, November 2023"

"“...I think we're approaching [the succession process at Disney] differently, and I just don't want to... it's just not something that I feel other than saying that we're aggressively pursuing succession, there's no more detail that I want to give.” — Robert A. Iger, CEO & Director, November 2023"

"We didn't think it was commercially viable. We didn't think there's sufficient value just because of the nature of the NFL game that the incremental revenue upside didn't justify the additional investment it would have required us to get that official data stages. — Strategy Director, Sportradar"

"“We have tried to do everything we could earlier this year when they went to every landlord and asked for rent reductions and concessions,” Mr. Chilelli said. “If they are able to reduce their footprint, it will hurt the office market again.” — Joey Chilelli, Managing Director at Vanbarton Group"

"In the spirit of transparency and strong corporate governance, we encourage you to gather all of the facts, assess these questions holistically and independently and reach your own conclusions. Sincerely, Independent Directors of the Phillips 66 Board of Directors — Phillips 66's April 24 Letter"

"Joe Liu would later be listed as Founder and Director of BCD Semiconductor (Nasdaq: BCDS), of which both Chang’s were involved. The biggest shareholders were entities controlled by individuals with the last name “Chang” and claimed to be “parents-in-law” of Liu — Spruce Point Capital Management"

"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"

"After a national search for a new director, the experience and expertise that Dave will bring to the Essential board is clear. He will be an excellent representative of the shareholders in guiding the company, particularly in matters of growth and branding. — Essential Utilities Press Release"

"limiting director tenure allows new directors to the board to bring fresh perspectives. A tenure of more than nine years is considered to potentially compromise a director's independence and as such QuickScore will consider tenure > 9 years excessive. — Institutional Shareholder Services Inc."

"“We’re using it for organs who pretty much challenged...if you’ve had a lot of people say no...because that donor is not ‘standard’....very old, over 70 or 65...some problems...like a fatty liver.” — Transplant surgeon and transplant program director at a major academic center in Pennsylvania"

""both XVIVO and TransMedics are going to have serious competition from NRP...I think at least 50% of heart centers will feel very comfortable doing NRP...they're going to split that remaining market right down the middle." — Prominent surgeon, director of leading academic transplant center"

""Penumbra will cross the line that many won't to get their products in the hands of surgeons." — Neurovascular Products Sales Director 1; "Penumbra is aggressive....At symposiums, they will cover all costs of a nice hotel stay, food, travel, etc." — Neurovascular Products Sales Director 2"

"These condensed consolidated interim financial statements have been prepared on a going concern basis notwithstanding the net current liabilities as at September 30, 2016 because the directors of the Company are of the opinion that based on the unconditional — Huishan 1H17 Interim Results"

"Limiting director tenure allows new directors to the board to bring fresh perspectives. An excessive tenure is considered to potentially compromise a director's independence...For the US, Canada, Hong Kong, and, Singapore, lengthy tenure is defined as nine or more years. — ISS Guidelines"

""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"

""The Commission has stated that, as a general principle, the fair value of a portfolio security is the price which the fund might reasonably expect to receive upon its current sale." — Douglas Scheidt, Associate Director and Chief Counsel in the SEC’s Division of Investment Management"

""Japanese skincare is very hot right now. There is a lot of demand in the UK market for these products – the perception is Japanese products are highly innovative with very good technology." — Former Unilever Prestige Cosmetics Division Brand Director, Oasis interview November 2023"

"The appointment of director candidates, the nomination or removal of the representative director and executive directors, and decisions on the responsibilities of managing directors shall be based on a motion submitted by the Company president. — Keisei Corporate Governance Report"

"On November 29, 2021, two new directors, Mr. Ning Ding and Mr. Shucai Song joined the board of PSM-ZJK. Together the existing director Mr. TAN EL PAN EDDY, there were three directors on the board, of which, two are nominated by BULTEN Wuxi, one is nominated by Zhongjinke Shenzhen."

"“Sorry, some of the stuff I really can't share. I have some connections which are very close with Lasertec and that's what I hear from some close connections at Lasertec. But I really can't go into more than that.” — Ex-KLA director of engineering focused on EUV mask inspection"

""The lead independent director or another appropriate director should be available to meet with shareholders in those situations where an independent director is best placed to explain and contextualize a company's approach" — BlackRock Investment Stewardship Global Principles"

""The lead independent director or another appropriate director should be available to meet with shareholders in those situations where an independent director is best placed to explain and contextualize a company's approach" — BlackRock Investment Stewardship Global Principles"

"“Here’s what matters... [a]s soon as the judge enters the order, we will be all over the company. If they are not in compliance with the order, we will take action. We will not tolerate what has gone on.” — Lois Greisman, Associate Director, FTC Division of Marketing Practices"

"“Here’s what matters... [a]s soon as the judge enters the order, we will be all over the company. If they are not in compliance with the order, we will take action. We will not tolerate what has gone on.” — Lois Greisman, Associate Director, FTC Division of Marketing Practices"

"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"

""no one’s using it anymore in the US"; "really enthusiastic centers that were heavily involved in the trials...have stopped using it"; "I don’t see them having any future in lung"; "just much, much cheaper." — Prominent surgeon, director of leading academic transplant center"

"“When you combine all of that with our unrivaled portfolio of valuable businesses, brands and assets and the way we manage them together, Disney has a strong hand that differentiates us from others in the industry.” — Robert A. Iger, Disney CEO & Director, November 2023"

"“When you combine all of that with our unrivaled portfolio of valuable businesses, brands and assets and the way we manage them together, Disney has a strong hand that differentiates us from others in the industry.” — Robert A. Iger, Disney CEO & Director, November 2023"

"“When you combine all of that with our unrivaled portfolio of valuable businesses, brands and assets and the way we manage them together, Disney has a strong hand that differentiates us from others in the industry.” — Robert A. Iger, Disney CEO & Director, November 2023"

"When you combine all of that with our unrivaled portfolio of valuable businesses, brands and assets and the way we manage them together, Disney has a strong hand that differentiates us from others in the industry. — Robert A. Iger, Disney CEO & Director, November 2023"

""In the third and fourth quarters of 2014, the Board of Directors began discussions about augmenting the Board of Directors with new members and began the process of determining the qualifications and skills desired for such new members." — ROVI 2015 proxy statement"

"“I’m on our medical policy committee, which makes coverage determinations for devices and procedures. And I’m a clinical advisor on [redacted] for devising formulary coverage decisions, PA criteria, step edits, etc.” — Medical director at Blue Shield of California"

"I am honored to have been selected and am looking forward to working with Invesco’s Board of Directors and leadership team. I believe there is great opportunity to build on the momentum Invesco has created and am excited to help continue that success. — Mr. Finke"

"The evidence we have seen raises concerns regarding the manner in which costs were allocated between those two entities, and the consistency of that allocation with public disclosures. — SPECIAL INVESTIGATIVE COMMITTEE OF THE BOARD OF DIRECTORS OF WORLDCOM, INC."

"50. Officer Defendant Dan Bodner has served as President and/or CEO of Verint since February 1994. Like Director Defendants Alexander and Hiram and Officer Defendant Kreinberg, Mr. Bodner also is a director of Verint. — Verified Shareholder Derivative Complaint"

"None of our executive officers served as a member of the compensation committee of another company, or as a director of another company, whose executive officers also served on our compensation committee or as one of our directors. — HPE 2017 Proxy Statement"

"“Iger has systematically eliminated any executive who could become a successor. To me it’s a real black mark on Iger’s record.” — Gary Wilson, Former CFO of Disney and Director (on Board for 21 years, up to and including the first hiring of Mr. Iger as CEO)"

""Iger has systematically eliminated any executive who could become a successor. To me it’s a real black mark on Iger’s record." – Gary Wilson, Former CFO of Disney and Director (on Board for 21 years, up to and including the first hiring of Mr. Iger as CEO)"

"“An example is Uranium Energy Corp. One of its directors is Stephen Jewett, a Vancouver CA who was barred by the CA institute from auditing any public companies after he mishandled the audit of an unrelated Vancouver junior company.” — Investment Executive"

"“That’s our plan, yeah. I hope...for liver transplant, we use it obviously a lot more than heart or lung. I know our surgical director is not a fan of TransMedics and he’s actively working on strategies to minimize our reliance on it.” — UCSF administrator"

"“…[T]here’s a qualification level that is required to sit on the Disney board, and the board will make, not me, the board makes decisions about who’s qualified and who isn’t qualified to be on the board.” — Robert A. Iger, CEO & Director, November 2023"

"“Housing is of course a social and an economic issue. However, if dealt with inappropriately, it will also become a political issue.” — Wang Guangya, Director of Hong Kong and Macau Affairs Office of the State Council of the People's Republic of China"

""[T]here's a qualification level that is required to sit on the Disney board, and the board will make, not me, the board makes decisions about who's qualified and who isn't qualified to be on the board." — Robert A. Iger, CEO & Director, November 2023"

""the preponderance of revenue on the loan side comes from [fintechs]...I mean, if you look at Upstart, I think they've reported as much as 50-plus percent of their origination volume comes from Credit Karma." — Former Director at Intuit, Tegus, 8/2/22"

"Gregg Saretsky reflects on his journey through the airline industry, from working as a flight attendant and gate agent in college to serving as the president & CEO of WestJet, and how his experiences would add value to Southwest's Board of Directors."

"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"

"Basically, on the crush margin, so if you really talk about crush margin, I would really expect it to be a little bit of flat or let's say a little bit on the lower side. The reason is there is overcapacity of the crushing. — Former Bunge Director"

"“save for their role as distributors… Mr. Su Weiqing or Ms. Wang Shuying having no relationship with our Group, our Directors or senior management, our shareholders or their respective associates aside from being a distributor” — ANTA Prospectus"

""We have paid dividends consecutively for 76 years, and our Board of Directors recognizes the value that our common shareholders place on both our historical payment record and on our future anticipated dividend payments" — Essential Utilities"

"As a former Director of Operations for a leading casual dining chain put it, franchising gives a corporation dozens of R&D departments, all directly connected to the customer on a daily basis, rather than one R&D department stuck at corporate."

"As a former Director of Operations for a leading casual dining chain put it, franchising gives a corporation dozens of R&D departments, all directly connected to the customer on a daily basis, rather than one R&D department stuck at corporate."