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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-03-31 00:00:00",
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  "notes": "Uses a combination of a table for bonus history and a table for relative stock performance to highlight the misalignment.",
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      "kind": "callout",
      "text": "From 2007 to 2012, Darden’s stock price underperformed its Proxy Peer Group by over 40%",
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      "text": "As we will discuss later, we believe this is a flawed peer group which was cherry-picked by management.",
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      "text": "CEO bonus payout: 91%",
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      "text": "While these decisions may have benefited CEO compensation, the reality is that total shareholder returns were substantially below peers and the overall market.",
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      "text": "Darden’s aggressive spending on acquisitions and capital expenditures allowed the CEO to receive bonus awards that averaged approximately 91% of his bonus targets from 2007 to 2012.",
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      "text": "The Company has been deficient in linking executive pay to corporate performance",
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      "kind": "quote",
      "text": "“The Company has been deficient in linking executive pay to corporate performance” — Glass Lewis",
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      "text": "Source: Capital IQ. Note: For each time period, excludes companies not publicly traded throughout that entire period.",
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      "text": "Percentage of Bonus Received Over Time table",
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      "text": "Darden’s significant spending allowed management to hit bonus targets despite poor shareholder returns compared to peers",
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