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  "documentTitle": "2024 03 Investor Presentation",
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  "authorName": "The Walt Disney Company",
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  "notes": "Uses a mix of metrics and a pie chart to discredit a competitor's claims.",
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      "kind": "callout",
      "text": "Assets Under Management — particularly assets someone else owns and manages themselves — are not the right criterion for assessing director effectiveness",
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      "text": "Trian claims ownership of >$3bn of Disney stock ... in reality, Trian only owns ~$650mm Disney shares. Trian has sold over 2.3mm shares since Dec 2022. Isaac Perlmutter owns the vast majority of shares that Trian claims to own.",
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      "text": "Share ownership value: $1.6mm",
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      "kind": "quote",
      "text": "\"[Trian] sold stock from the third quarter to the fourth quarter ... It's odd to see a company and/or an investment manager sell stock during a proxy fight ... It is rare following these things to see that.\"",
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      "text": "“[Trian] sold stock from the third quarter to the fourth quarter ... It's odd to see a company and/or an investment manager sell stock during a proxy fight ... it is rare following these things to see that. Unless they have redemptions that they had to sell some stock for.” —CNBC",
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      "kind": "source-note",
      "text": "Source: Company filings and public filings; 1 Excludes Directors Darroch, Gorman, and Everson... 2 S&P 500 Outside Director Compensation Analysis Insights... 3 Trian definitive proxy statement... 4 CNBC, Squawk on the Street, 02/15/24",
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      "kind": "title",
      "text": "This Board has \"skin in the game\" and, more importantly, has the expertise to deliver on our growth strategy",
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