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  "docSlug": "9c639b8b1898",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-03-31 00:00:00",
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  "pageNumber": 22,
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  "notes": "This is a classic activist slide designed to frame the board as entrenched and unresponsive to shareholder interests.",
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      "kind": "callout",
      "text": "ISS has given Darden a governance Quickscore of 10, indicating the HIGHEST POSSIBLE GOVERNANCE RISK",
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      "text": "ISS has given Darden a governance Quickscore of 10, indicating the HIGHEST POSSIBLE GOVERNANCE RISK: combined Chairman/CEO, lengthy director tenure, and no majority vote standard.",
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      "text": "Darden maintains shareholder-unfriendly corporate governance provisions: Action by written consent prohibited, 50% threshold for special meetings, restrictive director removal, board-controlled vacancies, supermajority requirements, and poison pill.",
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      "text": "Glass Lewis has given Darden a grade of “D” in executive compensation, noting a deficiency in linking pay to performance.",
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      "text": "“The Company has been deficient in linking executive pay to corporate performance…[and] Shareholders should be concerned with this disconnect” — Glass Lewis, 2013 Proxy Paper",
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      "kind": "title",
      "text": "The current management team and Board have a long history of disregarding shareholders’ interests",
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