Callouts & quotes from 617+ activist slides

""[T]he HKMA might choose a hot and boring Friday afternoon in mid-summer, when most fund managers and top government officials had gone vacationing, and announce the floating of the Hong Kong dollar." — Shu-ki Tsang, Academic Economist and HKMA Advisory Board Member, Currency Board Sub-Committee"

"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"

"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"

"“But Telecom Italia’s problems are also self-inflicted. Barely concealed battles between Chief Executive Amos Genish, who was appointed by Vivendi, and the Elliott-appointed board over strategy are likely alienating other investors.” — Stephen Wilmot, The Wall Street Journal, November 9, 2018"

"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."

"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"

"It is confounding that the Board would be willing to pay such a high price for Mr. Orr - who we believe is a less qualified COO candidate - when it refused to even engage with our proposed COO, a candidate who produced best-in-class operating metrics and network efficiencies at CSX."

"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."

"Such a blanket conclusion does not appear to be supportable. Section 303A.02(a) requires a board to make independence determinations based on all relevant facts and circumstances. — NYSE Listed Company Manual Section 303A Corporate Governance Standards Frequently Asked Questions"

"As legacy technologies transition to digital platforms, we believe Disney can lead the media industry forward. We could not be more excited to partner with Bob and the Board to help create long-term sustainable shareholder value. — Mason Morfit, ValueAct Capital Co-CEO and CIO"

"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"

"The Company currently purchases both off-the-shelf and custom components, including finished circuit boards assemblies and injection-molded plastic components, primarily from suppliers located in the U.S., Mexico, China and Taiwan. — 2017 Annual Report: Filed March 1, 2018"

"All that we know is that we run a clean and honest business and we are completely and utterly confident of that. Our auditors are confident of that. Our board's audit committee is confident of that. Our whole board and management team is confident of that. — Sunny Verghese"

"Why didn't Ströer report the results of the digital business in Turkey in light of the instances of fraud already established? What responsibility do the board of management and the management bear for the failure to correct the problem? — Shareholder question at 2016 AGM"

"Proxy advisor Egan-Jones recommends Elliott's highly qualified board nominees Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt at Phillips 66 (NYSE: PSX). "Urgent change is needed in the boardroom to unlock the Company's full potential." — Streamline 66"

""VAX-31 APPEARS BEST-IN-CLASS & SHOULD LEAD THE EXPANDING ADULT + INFANT MARKET... VAX-31 met non-inferiority to PCV20 across the board, was superior on many difficult and highly-prevalent serotypes, and the data were more striking than V116." — TD Cowen, September 2024"

"“Since the CEO transition on November 1, 2015, our team has delivered total shareholder return (“TSR”) of 27%...the weighted average return of the companies where Mr. Peltz serves as a Board member has been only 8%” — Letter From David Taylor to Shareholders, 8/14/17"

""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"

"“The key role of a board member is to appoint management, to set, together with management, a clear strategy with defined goals and metrics, and to hold management accountable for effecting that strategy. The oversight role of the board is critical.” — Rodney Chase"

"The founders will be staying and growing that business with us, and we're just super excited to work with them....So we have board-certified pathologists on the Lacuna team, and they're really the heart and soul of the business. — JPMorgan Conference, January 2021"

"“Bristol-Myers management was “aware that this class patent could be a roadblock to ozanimod commercialization,” yet has continued to promote the product’s blockbuster potential to shareholders, even going as far as to call ozanimod “de-risked”” — Starboard Value"

"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."

"There needs to be real tight connection between the commercial organization and the refining organization...that's something that Phillips 66 seems to have taken their eye off the ball on. — Brian Coffman, Former CEO of Motiva Enterprises, Elliott Board Nominee"

"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"

"I have very fond memories of Phillips 66. You know, that's where a lot of my growth and development has occurred. Had tremendous mentors...a lot of excellent employees. — Brian Coffman, former CEO, Motiva, Elliott nominee for Phillips 66's board, April 8, 2025"

""The success of a currency board arrangement, and its acceptability to local people and businesses, depend to a considerable extent on the anchor currency being reasonably stable." — Tony Latter, Former HKMA deputy chief executive and co-architect of the peg"

"My decision to resign follows a protracted campaign by a majority of the Board, controlled by and acting under the direction of Oracle Partners (Oracle) (BIOLASE's largest stockholder) and Larry N. Feinberg (Oracle's Managing Partner) — Former CEO of Biolase"

"“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.” — Harvey Golub"

""This is a decade-long drama that the board has let unfold," said George F. Colony, chief executive of Forrester Research. "They have shown some dysfunction in the past, and had difficulty coming to consensus." — Ouster of Hewlett-Packard C.E.O. Is Expected"

"“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)"

"“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.” — 13D Monitor"

"“...we and our subsidiary bank received a proposed consent order from the Federal Reserve Board relating principally to various aspects of compliance risk management, including consumer compliance and compliance with AML regulations.” — Green Dot 2023 10-K"

"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. — 13D Monitor"

"Starboard's average return on a 13D filing is 28.9% (versus an average of 8.8% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.3% versus 13.1% for the S&P500. — 13D Monitor"

"Starboard’s average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"Starboard's average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"Starboard’s average return on a 13D filing is 22.3% (versus an average of 2.9% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 31.6% versus 1.5% for the S&P500. — 13D Monitor"

"Starboard’s average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"“…[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"

""[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"

"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."

"“Elliott is asking the Board to devise a way to evade our governing documents, and the Board does not think that such actions would be in the best interests of the Company and our shareholders.” — Phillips 66 Definitive Proxy, April 7, 2025, Page 115"

"“Elliott is asking the Board to devise a way to evade our governing documents, and the Board does not think that such actions would be in the best interests of the Company and our shareholders.” — Phillips 66 Definitive Proxy, April 7, 2025, Page 115"

"Legion Partners called it an “obvious and clear conflict was seemingly overlooked by a Board” and JANA Partners asked “is the board simply not sufficiently engaged to appropriately safeguard shareholder interests?” — Legion Partners and JANA Partners"

"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"

"Brad Blum is the longest tenured leader in Olive Garden’s recent history. Mr. Blum led Olive Garden through its very successful turnaround in the 1990s. That is why we went out and recruited Mr. Blum to be one of our nominees — Starboard Value LP"

"FMCN vehemently denied our allegation at first, and even hired two firms to “verify” the size of its LCD network. FMCN eventually conceded that it was counting in excess of 30,500 cardboard posters in order to meet its LCD count — Muddy Waters."

""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"

""Jeff will bring to our board a great perspective as a global investor and a shared belief in building long-term value for shareholders," Executive Co-Chairmen Rupert Murdoch and Lachlan Murdoch stated. — Rupert Murdoch and Lachlan Murdoch"

"It’s got great bones. With the right amount of capital and the right discipline, [Phillips 66] should be able to trade like a midstream company does. — Michael Heim, Elliott nominee for Phillips 66’s Board and Co-Founder, Targa Resources"

"“distributors can make it [to President's Team] even faster today than we did [that is, faster than three years].” — John Tartol, senior Herbalife distributor and board member. “More Money Than You Can Imagine.” — Herbalife testimonials."

"“SWIB will vote AGAINST this proposal, as the following concern(s) remain: CEO pay is 5.00 times greater than the next highest paid NEO.” — State of Wisconsin Investment Board – 2016 Proxy Voting Report (Alcoa 2016 Annual Meeting Vote)"

"“Our Board of Directors believes that the number of shares currently remaining available for issuance under the ESPP and the annual Evergreen Provision increase will not be sufficient for our future needs.” — Box 2021 Proxy Statement"

"[w]e see a number of opportunities for substantial shareholder value creation and look forward to seeing the Company execute on opportunities to drive profitable growth towards a best-in-class financial profile. — Starboard Value LP"

""Well, the dating platform neu.de certainly makes for a great story. I think we made dating more socially acceptable through the enormous advertising prints in our out-of-home billboard campaign." — Dirk Stader, Media Ventures's CEO"