{
  "docId": "019dd923-622b-71dc-a6d9-afa084f9cd73",
  "docSlug": "eb305b39ce19",
  "documentTitle": "AOL, Inc. (AOL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-23 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 86,
  "pageCount": 96,
  "prevPage": 85,
  "nextPage": 87,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Includes visual evidence (screenshots) of ISS and Glass Lewis reports recommending against Stengel and rating compensation as 'Poor'.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "screenshot",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-afa084f9cd73/86",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73#slide-86",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.07,
        "y": 0.78
      },
      "kind": "callout",
      "text": "We believe Mr. Stengel has ignored concerns about AOL's Peer Group expressed by Glass Lewis and has continued to oversee the construction of a peer group that violates ISS and Glass Lewis best practices.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f14a04c-bade-4c91-9b5f-baa48ad9effb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.53,
        "y": 0.58
      },
      "kind": "image",
      "text": "Glass Lewis Ratings snippet",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e95393f-dac4-4ac7-90ce-578ecdc8b106",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.07,
        "y": 0.58
      },
      "kind": "image",
      "text": "ISS Proxy Advisory Services report snippet",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4afbc1c-252f-4e07-bd44-c604dac72493",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.07,
        "y": 0.27
      },
      "kind": "list",
      "text": "James Stengel: As Chair of AOL's Compensation Committee, Mr. Stengel oversees the compensation practices at the Company. Both the independent compensation consulting firm we engaged to analyze AOL's compensation practices and leading independent proxy advisory firms have raised serious issues with AOL's compensation practices.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac6749a4-12b5-4965-82e0-a448bd65abfa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.12,
        "y": 0.39
      },
      "kind": "list",
      "text": "The independent compensation consulting firm noted that “AOL's existing peer group... consists of companies that are too large”, and that “AOL's short-term pay is significantly misaligned with performance.” ISS has raised serious concerns about AOL's pay for performance practices. Glass Lewis has rated AOL's compensation program structure as “Poor.”",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c2ff7ea7-db2f-47e0-afa0-353b9d4a6a0d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.07,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "Leading proxy governance firms have raised serious concerns with regard to AOL's compensation practices, led by James Stengel, Chairman of AOL's Compensation Committee.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ecef9bea-7ab4-45ca-a245-1dd36fe61b28",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "AOL's existing peer group, which serves as the foundation for benchmarking executive compensation, consists of companies that are too large — Independent compensation consulting firm.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ed3-2c99702cbdb0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.07,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "(1) A leading independent compensation consulting firm... (2) 2010 ISS report on AOL... (3) 2011 Glass Lewis proxy paper on AOL... (4) Based on ISS guidelines...",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "622d12d7-f2e3-41a9-8146-f1a7dacd408e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.85,
        "x": 0.07,
        "y": 0.13
      },
      "kind": "title",
      "text": "We have serious questions regarding AOL's incumbent Board members",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bdbfbd63-ae94-4011-883a-9657d06c2515",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "ca180821-b571-4dfd-8822-1789c86a8f39",
      "evidence": "Focuses on James Stengel as the specific board member responsible for compensation failures.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}