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  "documentTitle": "AOL, Inc. (AOL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2012-05-23 00:00:00",
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  "notes": "Uses a scatter plot with a broken axis to highlight the outlier status of the peer group relative to the guidelines.",
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      "kind": "callout",
      "text": "Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay.",
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      "kind": "chart",
      "text": "Scatter plot of Peer Group companies (Revenue vs Market Cap) with guideline boundaries.",
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      "kind": "disclaimer",
      "text": "Source: Data from Capital IQ. Footnotes (1) and (2) detailing peer group composition and guideline definitions.",
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      "text": "AOL's 2010 Peer Group for compensation purposes was made up of companies with market caps and revenue that were on average 18.3x and 7.0x greater than AOL's, respectively. Further, only 1 of the 20 companies in AOL's 2010 Peer Group fell within both ISS and Glass Lewis guidelines.",
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      "text": "Market Cap / Revenue multiples: 18.3x",
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      "kind": "quote",
      "text": "Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay.",
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      "kind": "quote",
      "text": "“Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay.” — Glass Lewis 2011 proxy paper on AOL",
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      "text": "AOL 2010 Peer Group Mean/Median multiples of Market Cap and Revenue vs ISS/Glass Lewis guidelines.",
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      "text": "AOL's 2010 Peer Group selection violated ISS and Glass Lewis guidelines",
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