{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9d-4b83e0a1a1a8", "slug": "6beff9a97d80", "title": "Wirecard AG (WDI)", "subtitle": "Sir Chris Hohn · 2020-04", "author": "Sir Chris Hohn", "date": "2020-04-28 00:00:00", "pageCount": 3, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Wirecard AG", "targetTicker": "WDI", "document": { "id": "019dd923-622c-750b-8b9d-4b83e0a1a1a8", "slug": "6beff9a97d80", "title": "Wirecard AG (WDI)", "rawTitle": "TCI Letter to Wirecard 28 April 2020", "authorId": "20_TCI_Fund", "authorName": "Sir Chris Hohn", "authorDisplay": "Sir Chris Hohn", "kind": { "slug": "shareholder-letter", "label": "Shareholder letter" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2020-04-TCI---Letter-to-Wirecard-28-April-2020.pdf", "sourceUrl": null, "sourceDate": "2020-04-28 00:00:00", "presentationDate": "2020-04-28 00:00:00", "ingestedAt": "2026-04-23 08:21:41+00", "status": "ready", "pageCount": 3, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Wirecard AG", "targetTicker": "WDI", "metadata": { "local_root": "/tmp/legacy-images/6beff9a97d80", "activist_firm": "TCI Fund Management", "origin_corpus": "contrarian", "extraction_seconds": 138.17341804504395 } }, "coverage": { "pageCount": 3, "pagesIndexed": 3, "pagesWithImages": 3, "pagesWithMetadata": 3, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 22, "chartCount": 0, "metricSlides": 0, "toolMatches": 1, "documentToolMatches": 0, "frameworkMatches": 0, "arcMatches": 1, "beatMatches": 3, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "83094471-cbf1-4c31-bc23-2ea5bf1d63aa", "evidence": "The document follows a structure of situation/context, problem/complication, and solution/approach, typical of the Consultant's Gambit narrative shape.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:04:04.748422+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 1, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Situation & Context", "beatId": "84ebf1dd-47ab-40f2-ad3b-e099cf2e90ed", "matchId": "83094471-cbf1-4c31-bc23-2ea5bf1d63aa", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The executive summary provides an overview of the situation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 2, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 2, "name": "Problem & Complication", "beatId": "337193a8-7bea-4893-b7ce-b48f16652f33", "matchId": "83094471-cbf1-4c31-bc23-2ea5bf1d63aa", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The villain critique presents the problem/complication", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 3, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Impact & Next Steps", "beatId": "382bc885-836e-42fe-bec2-cdb86576a0d3", "matchId": "83094471-cbf1-4c31-bc23-2ea5bf1d63aa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The closing ask presents the impact and next steps", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 3, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "8a5baf47-77b1-4390-8b41-cdff5c913864", "evidence": "The document implies that there are consequences for not taking action", "position": 0, "objective": "What are the consequences of not addressing the concerns about Wirecard's accounting practices?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:04:04.887207+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "7c3ed07f-bc74-4892-a62e-2aab7900ced6", "evidence": "The slide contains a clear call to action and a signature, indicating a closing ask.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:19:01.445875+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "litigious", "notes": "Three-page open letter on TCI letterhead, signed by Sir Chris Hohn and Max Schroeder, sent to Wirecard supervisory board chairman Thomas Eichelmann the same day KPMG released its special audit (28 April 2020). Rhetoric is litigious and citation-dense: nearly every paragraph pins a finding to a specific KPMG report page number, and TCI invokes Aktiengesetz 84(3), 93 and 116 to argue the board itself risks personal liability if it fails to act. The 'villain' is the CEO (Markus Braun at the time) and Wirecard management, but the letter refers to them only by position, not by name — so villain_named is recorded as false. Unusually for an activist letter, TCI simultaneously discloses a SHORT position (1.04% via BaFin / Federal Gazette) rather than a long, making this a hybrid governance-letter / short thesis. Visual production is a plain corporate letter — no charts, no typography craft — but the prose architecture (Situation: KPMG failed. Complication: why KPMG failed. Resolution: you must fire the CEO) is a clean worked example of SCQA in letter form.", "kpisCited": [ { "detail": "KPMG unable to verify revenue booked with TPA partners for 2016-2018 (p. 12 KPMG Report)", "metric": "Unverified TPA revenue period" }, { "detail": "EUR 1 billion of cash supposedly held in trustee accounts on behalf of Wirecard could not be verified (p. 16 KPMG Report)", "metric": "Unverified trustee cash" }, { "detail": "Only EUR 85 million of TPA cash payments to Wirecard-held bank accounts during the investigation period (p. 18 KPMG Report)", "metric": "Verified TPA cash payments" }, { "detail": "KPMG unable to verify beneficial owner of EMIF; cannot opine on legitimacy of Hermes India purchase (p. 50 KPMG Report)", "metric": "EMIF beneficial owner" }, { "detail": "1.04% of Wirecard shares outstanding, disclosed to BaFin and published in the Federal Gazette on 28 April 2020", "metric": "TCI short position" } ], "closingAsk": "Remove the CEO immediately, or at minimum have the supervisory board take direct responsibility for the KPMG investigation and exclude Wirecard management from it.", "extraction": { "at": "2026-04-23 08:21:41+00", "model": "unknown-legacy", "runId": null, "seconds": 138.17342, "promptVersion": null }, "scqaReward": "Not quantified: TCI holds a 1.04% short, not a long. The implicit payoff is vindication of fraud allegations and equity collapse if the board fails to intervene credibly.", "thesisTypes": [ "fraud_exposure", "governance_board", "management_change" ], "top3Reasons": [ "KPMG could not verify TPA revenues for 2016-2018 nor EUR 1bn of trustee-account cash", "Wirecard management obstructed the audit: delayed documents, cancelled executive meetings", "Supervisory board has a legal duty of care (Aktiengesetz 84(3), 93, 116) to intervene" ], "scqaSituation": "Wirecard AG, a DAX-listed payments processor holding a European banking licence, historically books a significant share of revenues and profits through a Third Party Acquiring partner network funnelling customer cash into trustee accounts.", "thesisSummary": "TCI, disclosing a 1.04% short position, writes to Wirecard supervisory board chairman Thomas Eichelmann on the day KPMG releases its long-delayed special audit. KPMG could not verify TPA revenues for 2016-2018 or EUR 1 billion of cash supposedly held in trustee accounts by TPA partners (versus only EUR 85m actually paid into Wirecard bank accounts), and could not identify the beneficial owner of EMIF behind the Hermes India acquisition. KPMG cites an Untersuchungshemmnis: management delayed documents, cancelled executive meetings, and TPA partners refused to cooperate. TCI argues the supervisory board has a legal duty of care under the Aktiengesetz (sections 84(3), 93 and 116) to intervene by removing the CEO from management duties, or at minimum taking direct responsibility for the investigation and excluding management. Failure to act, TCI warns, itself constitutes a breach of fiduciary duty exposing board members to personal liability.", "primaryDemands": [ "Remove the CEO from all management duties immediately", "Supervisory board take direct responsibility for the KPMG investigation", "Exclude Wirecard management from any further involvement in the audit", "Resolve the outstanding questions KPMG was unable to answer" ], "scqaResolution": "The supervisory board must immediately remove the CEO from management duties and assume direct responsibility for resolving the audit, invoking its duty of care under sections 84(3), 93 and 116 of the Aktiengesetz.", "thesisOneLiner": "KPMG's failed audit of Wirecard's EUR 1bn trustee cash and TPA revenues creates a legal duty for the supervisory board to remove the CEO immediately.", "precedentsCited": [], "scqaComplication": "KPMG's six-month special audit could not verify TPA revenues for 2016-2018 or EUR 1bn of trustee cash because management delayed documents, cancelled key meetings and TPA partners refused to cooperate — an Untersuchungshemmnis.", "narrativeInterest": 5, "notableSlidePages": [ 1, 2 ], "peerCompaniesCited": [], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "This is a formal letter of correspondence acting as a shareholder communication.", "function": "expose_contradiction", "imagePath": "https://imgproxy.kitesheet.com/r6g5zaOKcKBCTHQALA8u6ra2BS6KyusfPtm_S8MrlKg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82YmVmZjlhOTdkODAvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 20, "componentCount": 3, "textChars": 326, "nDataPoints": 3, "notes": "This is a formal letter of correspondence acting as a shareholder communication.", "elementsJson": [ "logo_grid", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:52:34.553+00", "seconds": 2.41, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-4b83e0a1a1a8/1", "deck": "/decks/019dd923-622c-750b-8b9d-4b83e0a1a1a8", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-4b83e0a1a1a8#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9d-4b83e0a1a1a8.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "KPMG explains that it has encountered an \"Untersuchungshemmnis\" (in English: obstacles to the investigation).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab16-d8c02d7bcda4", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.76, "x": 0.12, "y": 0.48 }, "kind": "paragraph", "text": "More than six months ago, Wirecard mandated KPMG to conduct a special audit to investigate allegations raised by the Financial Times around Wirecard's Third Party Acquiring business (TPA)...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:34.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d79222d1-a81e-4f82-a95c-a1551e370434", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.2, "x": 0.22, "y": 0.04 }, "kind": "title", "text": "TCI Fund Management Limited", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:34.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "384da8c6-c406-458d-ab19-6af40a099110", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 1, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "84ebf1dd-47ab-40f2-ad3b-e099cf2e90ed", "matchId": "83094471-cbf1-4c31-bc23-2ea5bf1d63aa", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The executive summary provides an overview of the situation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/pJ4asYvBr7NFEf5vQQ2k4CWQ0gToNkr85t5bgvhbmcw/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82YmVmZjlhOTdkODAvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/Vp56iePXNswJo7pm3s7bUNUBRhRkJsjMHudkJiSeunA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82YmVmZjlhOTdkODAvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/NwhE9Xn_SUJub8otCLvg7TyMrozwyeLgPhj7MUZGIoE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82YmVmZjlhOTdkODAvcDAwMS5qcGc" }, { "page": 2, "type": "tension", "title": "This is a page from a shareholder letter by TCI Fund Management regarding Wirecard.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 90, "componentCount": 11, "textChars": 3364, "nDataPoints": 1, "notes": "This is a page from a shareholder letter by TCI Fund Management regarding Wirecard.", "elementsJson": [ "paragraph", "logo_grid" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:52:36.205+00", "seconds": 4.037, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-4b83e0a1a1a8/2", "deck": "/decks/019dd923-622c-750b-8b9d-4b83e0a1a1a8", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-4b83e0a1a1a8#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b9d-4b83e0a1a1a8.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In our opinion, the necessary intervention is now to remove the CEO from all management duties.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab17-8bb13321fe1a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.1, "y": 0.05 }, "kind": "image", "text": "TCI Fund Management Limited", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:36.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e488b631-28d9-4e06-8dcd-c1f575c8a8e4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.73 }, "kind": "paragraph", "text": "We are further advised that the supervisory board, as a corporate body as well as every single member of the supervisory board, has wide reaching legal obligations (fiduciary duties) to control and oversee the actions of the management board (Kontroll- und Überwachungsorgan). In circumstances such as these, where Wirecard's management did not provide KPMG with the necessary documentation to verify TPA revenues in the period of 2016 to 2018 and to verify cash balances amounting to €1 billion in “trustee accounts”, we are of the view that the supervisory board is legally obliged to intervene. In our opinion, the necessary intervention is now to remove the CEO from all management duties.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:36.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "171c7953-8425-4dc3-a6d4-dd03ed1416e2", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.1, "y": 0.55 }, "kind": "paragraph", "text": "Given this situation, why did you and the supervisory board not intervene when it became clear that the audit could not be properly completed?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:36.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27a424de-9305-4bbc-91b5-aa31abe850ec", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.42 }, "kind": "paragraph", "text": "KPMG further explains that the supervisory board received regular updates on the progress of the investigation [p. 6 KPMG Report]. Hence, we assume that the supervisory board was well aware of the difficulties KPMG encountered in properly conducting the audit. Given the allegations raised against Wirecard and its executive team by various whistleblowers and newspapers, it could not be more obvious that there is a need to take measures to avoid the likely conflict of interest whereby management supervises an audit of their own actions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:36.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d73ccd0-637b-48c1-90c4-7d4a97bc94cb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.22 }, "kind": "paragraph", "text": "Wirecard operates a banking license in Europe and is strictly regulated as a payments service provider; in our view it has to abide by applicable Know Your Customer and anti-money laundering laws. This raises questions as to how it is possible to comply with these regulations if Wirecard either does not know or will not disclose who its customers are.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:36.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5641d46b-0c77-4b42-9bf3-05ba3b39ed56", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.16 }, "kind": "paragraph", "text": "Lengthy forensic investigation, then in our view this raises questions as to how investors, lenders and regulators can be confident that Wirecard's current and historic accounting is accurate.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:36.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3efd341-56cd-41d4-95ff-f466d94e6a8b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.1, "y": 0.89 }, "kind": "paragraph", "text": "If the supervisory board does not remove the CEO, at the very least, they must directly take responsibility for the investigation and remove Wirecard's management from all involvement in this", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:36.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4765230-fb12-440a-a3b4-9a01df0b27db", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.6 }, "kind": "paragraph", "text": "In our view, it is clearly now necessary for the supervisory board to take direct responsibility for this investigation immediately and to resolve the outstanding questions that the report has failed to answer. In fact, we are advised that the supervisory board has a legal duty of care (Sorgfaltspflicht) that requires it to intervene in these circumstances. In accordance with Section 84 (3) of the German Stock Corporation Act (Aktiengesetz), the supervisory board also may revoke the appointment of a member of the management board.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:36.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfd05790-908b-4d03-bb9b-b702bb1ba021", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.31 }, "kind": "paragraph", "text": "KPMG further complained about a lack of cooperation from Wirecard's TPA partners to provide customer and transaction data [p. 13 KPMG Report]. Moreover, Wirecard did not provide KPMG with certain requested documents or only provided them with delay, and KPMG complained that arranged meetings with key executives of Wirecard were repeatedly cancelled and postponed [p. 10 KPMG Report].", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:36.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1204ec2-69c5-4cdf-83df-7f6608b12633", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In our view, it is clearly now necessary for the supervisory board to take direct responsibility for this investigation immediately and to resolve the outstanding questions that the report has failed to answer.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab17-8f9861be66e3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 2, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 2, "name": "Problem & Complication", "beatId": "337193a8-7bea-4893-b7ce-b48f16652f33", "matchId": "83094471-cbf1-4c31-bc23-2ea5bf1d63aa", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The villain critique presents the problem/complication", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 3, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "8a5baf47-77b1-4390-8b41-cdff5c913864", "evidence": "The document implies that there are consequences for not taking action", "position": 0, "objective": "What are the consequences of not addressing the concerns about Wirecard's accounting practices?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:04:04.887207+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 3, "type": "setup", "title": "Contains signatures of Sir Chris Hohn and Max Schroeder.", "function": "state_demand", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "state_demand", "functionCanon": { "name": "State demand", "slug": "state_demand", "status": "active", "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 8, "textChars": 1054, "nDataPoints": 1, "notes": "Contains signatures of Sir Chris Hohn and Max Schroeder.", "elementsJson": [ "logo_grid", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:52:35.733+00", "seconds": 3.381, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-4b83e0a1a1a8/3", "deck": "/decks/019dd923-622c-750b-8b9d-4b83e0a1a1a8", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-4b83e0a1a1a8#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b9d-4b83e0a1a1a8.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Otherwise, in our opinion, the supervisory board commits a breach of duty of care for which its members are liable to the company pursuant to Sections 116 and 93 of the German Stock Corporation Act.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab16-c5ddaabfa786", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.42 }, "kind": "image", "text": "Signatures", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:35.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43f2d63b-3fb6-4461-a731-c68897b2d40d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.1, "y": 0.05 }, "kind": "image", "text": "TCI Fund Management Limited", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:35.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30450051-0dfc-40d6-98d6-50bb188b0829", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.27 }, "kind": "paragraph", "text": "For full disclosure, funds managed by TCI Fund Management Limited submitted in compliance with their disclosure duties to the German Supervisory Authority (BaFin) and published in the Federal Gazette on 28 April 2020 a short position in Wirecard’s stock, equivalent to 1.04% of shares outstanding.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:35.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "065174e5-dcee-4c87-bf4e-9ad6e6fa3d3a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.1, "y": 0.53 }, "kind": "paragraph", "text": "Sir Chris Hohn", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:35.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19752a60-2855-4ef0-8ced-f621cd378bd1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.16 }, "kind": "paragraph", "text": "audit until all of the allegations have been fully resolved. In our view, this is the only way to get to the bottom of the allegations that continue to be unresolved. Otherwise, in our opinion, the supervisory board commits a breach of duty of care for which its members are liable to the company pursuant to Sections 116 and 93 of the German Stock Corporation Act. Such a breach of duty of care can also amount to a failure to take necessary measures to prevent or limit damage.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:35.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24e08b2e-057e-4b78-93f3-4c0df2e42843", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.1, "y": 0.38 }, "kind": "paragraph", "text": "Yours sincerely,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:35.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "929d3d01-82d9-43df-a37e-806e00021fe5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.5, "y": 0.53 }, "kind": "paragraph", "text": "Max Schroeder", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:35.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e026d347-5556-449d-9cee-bb4559381e1a", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "7c3ed07f-bc74-4892-a62e-2aab7900ced6", "evidence": "The slide contains a clear call to action and a signature, indicating a closing ask.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:19:01.445875+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Impact & Next Steps", "beatId": "382bc885-836e-42fe-bec2-cdb86576a0d3", "matchId": "83094471-cbf1-4c31-bc23-2ea5bf1d63aa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The closing ask presents the impact and next steps", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 3, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "8a5baf47-77b1-4390-8b41-cdff5c913864", "evidence": "The document implies that there are consequences for not taking action", "position": 0, "objective": "What are the consequences of not addressing the concerns about Wirecard's accounting practices?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:04:04.887207+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 1, "to": 1, "label": "Situation & Context", "description": "The executive summary provides an overview of the situation" }, { "from": 2, "to": 2, "label": "Problem & Complication", "description": "The villain critique presents the problem/complication" }, { "from": 3, "to": 3, "label": "Impact & Next Steps", "description": "The closing ask presents the impact and next steps" } ], "loops": [ { "from": 2, "to": 3, "label": "Cost Of Inaction", "description": "What are the consequences of not addressing the concerns about Wirecard's accounting practices?" } ] }