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gift is being made in order to influence the Directors’ actions as a member of the Board, or where acceptance of the gift could otherwise reasonably create the appearance of a conflict of interest.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:03:03.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "733f6876-dc6c-4839-b56e-456f6636cf05", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.19, "x": 0.01, "y": 0.325 }, "kind": "callout", "text": "We recognize that our continued success depends upon a commitment to conduct business with honesty, integrity and in compliance with the law...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:03:03.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d4b5df0-bed0-4d8a-9d2f-3ac979d20cd9", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.2, "x": 0.59, "y": 0.21 }, "kind": "image", "text": "Disney Code of Business Conduct and Ethics 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"canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:03:03.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb9705c2-8f33-4b61-9ab7-2b3bad54f827", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.01, "y": 0.595 }, "kind": "paragraph", "text": "CONFLICT OF INTEREST FAQS (PART I- EXEMPTIONS) U.S. Department of Labor Employee Benefits Security Administration October 27, 2016... parties providing fiduciary investment advice... are not permitted to receive payments creating conflicts of interest without complying with protective conditions...", "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 11:03:03.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06418bf7-c074-4d34-a941-4f37067aa827", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.315, "y": 0.6 }, "kind": "paragraph", "text": "ERISA §406(b)– Fiduciary self dealing ERISA §406(b) focuses on benefits the fiduciaries themselves receive. It prohibits fiduciaries from three basic types of conduct: (1) Dealing with the assets of the plan for his own interest or for his own account. 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(The Action)", "description": "Chain insights together, each answering 'so what?' until you reach the actionable conclusion", "familyLabel": null }, "matchId": "ee346253-13cb-40cb-874a-9497cc8dbb8c", "evidence": "The document builds a case for why this matters to shareholders.", "position": 2, "objective": "So what does this mean for Disney's shareholders?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:43:33.097279+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 3, "to": 13, "label": "Expose Contradiction", "description": "Slides 3-13 are all about exposing contradictions in Disney's board and ValueAct's relationship." }, { "from": 14, "to": 14, "label": "Timeline", "description": "Slide 14 provides a timeline of Blackwells' efforts." }, { "from": 15, "to": 15, "label": "Demand List", "description": "Slide 15 presents a list of demands for the Disney Board." } ], "loops": [ { "from": 5, "to": 6, "label": "Analogy", "description": "Is ValueAct's support independent and unqualified?" }, { "from": 3, "to": 15, "label": "Cost Of Inaction", "description": "What are the consequences of not disclosing ValueAct's relationship with Disney?" }, { "from": 3, "to": 15, "label": "So What Cascade", "description": "So what does this mean for Disney's shareholders?" } ] }