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  "documentTitle": "Office Depot, Inc. (ODP)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2013-08-02 00:00:00",
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  "notes": "Uses red text to emphasize the contradiction between Glass Lewis's guidelines and Office Depot's actual peer group composition.",
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      "kind": "callout",
      "text": "In fact, the average market capitalization of Office Depot's peers used for the purpose of determining compensation is 11.5 times larger than Office Depot's market capitalization.",
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      "text": "Glass Lewis Concern: A choice of a peer group can have a significant impact on the size and structure of compensation. Glass Lewis notes that in Office Depot's case, approximately 84.21% of the peer group had more than twice the market capitalization.",
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      "text": "Office Depot Reaction: Compensation committee IGNORES Glass Lewis and continues to compare itself against significantly larger companies for the purpose of compensation.",
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      "text": "Conclusion: Office Depot's latest compensation peer group consists of 18 companies. In fact, the average market capitalization of Office Depot's peers used for the purpose of determining compensation is 11.5 times larger than Office Depot's market capitalization.",
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      "text": "market capitalization ratio: 11.5x",
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      "text": "Glass Lewis Concern #4 – Peer Group Concerns",
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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",
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      "kind": "source-note",
      "text": "Source: Glass Lewis Proxy Papers, ODP SEC filings. Market Capitalization analysis as of July 18, 2013.",
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      "text": "Office Depot’s Compensation Committee Continues to Ignore the Concerns Highlighted by Glass Lewis",
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