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  "documentTitle": "Office Depot, Inc. (ODP)",
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  "authorName": "Starboard Value",
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  "notes": "Uses authority-citation to build a case against the current board.",
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      "text": "Overall, the Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers.",
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      "text": "Board Structure: Glass Lewis has noted serious concerns regarding Evans, stating \"...we question her continued service on ANY public Board\" (emphasis added). ISS has stated a \"HIGH CONCERN\" regarding ODP's Board structure and has scored the Company a 0.1 on a scale of 0-100. (emphasis added)",
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      "text": "Glass Lewis recommended that shareholders vote AGAINST four of ODP's nominees last year, including two of the ODP nominees we oppose -- Marsha Evans who has served as Chair of ODP's compensation committee since 2009 and Scott Hedrick who has served as a compensation committee member since 1994 and served as its Chair from 1996 through 2004.",
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      "text": "Compensation practices: ISS states, \"while the Company's Total Shareholder Return performance continues to significantly trail its GICS group, CEO pay is above the ISS selected peer median.\" Glass Lewis notes with respect to Office Depot's compensation of its top officers : \"Overall, the Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers.\" Glass Lewis also concluded that ODP was \"deficient in linking pay with performance\" and that \"shareholders should be deeply concerned with the compensation committee's sustained failure in this area.\" Glass Lewis has assigned ODP an \"F\" score for pay-for-performance in each of 2011 and 2010 and a score of \"D\" in 2009.",
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      "text": "Despite significant concerns by ISS, Glass Lewis and some of ODP's largest shareholders, the Board has continuously failed to address the deficiencies in compensation and corporate governance practices and, in fact, created an additional concern by implementing a poison pill.",
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      "text": "“while the Company’s Total Shareholder Return performance continues to significantly trail its GICS group, CEO pay is above the ISS selected peer median.” — ISS; “Overall, the Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers.” — Glass Lewis; “shareholders should be deeply concerned with the compensation committee’s sustained failure in this area.” — Glass Lewis; “…we question her continued service on ANY public Board” — Glass Lewis",
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      "text": "Source: Glass Lewis and ISS Proxy Papers",
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      "text": "Leading Proxy Advisory Firms Have Raised Serious Concerns Regarding ODP’s Compensation Practices and Board Structure",
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