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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-05-22 00:00:00",
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  "notes": "Includes a quote from Glass Lewis regarding Darden's poor shareholder engagement.",
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      "kind": "callout",
      "text": "2005-2013: Capex increased ~225% and ROC decreased by ~45%",
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      "text": "As we discussed in our investor presentation, we believe this poor capital allocation was the direct result of poor corporate governance at the Board level, including shareholder-unfriendly compensation practices that incentivized management to pursue growth at the expense of returns on capital and shareholder value.",
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      "text": "return on capital: 9.2%",
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      "text": "For years, Darden has maintained numerous shareholder-unfriendly corporate governance provisions, as evidenced by ISS’ governance Quickscore of 10...",
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      "text": "Management’s recent shareholder-unfriendly Bylaw changes and horrific track record when it comes to shareholder and analyst engagement call into serious question...",
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      "text": "When compared to peers on almost any metric... Darden’s results have been abysmal. Despite this terrible track record, management has been paid at the top of its peer group...",
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      "text": "As we discussed in our investor presentation, we believe this poor capital allocation was the direct result of poor corporate governance at the Board level...",
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      "kind": "quote",
      "text": "Darden’s portrayal of itself as a company that is strongly committed to shareholder engagement... rings somewhat hollow...",
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      "text": "“Darden’s portrayal of itself as a company that is strongly committed to shareholder engagement, that welcomes shareholder input and that values the views of shareholders rings somewhat hollow, to our ears, considering the Company’s corporate governance policies and its track record of dealing with investors and analysts who have been critical of the Company.” — Glass Lewis",
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      "text": "THE CURRENT BOARD HAS A LONG HISTORY OF DISREGARDING SHAREHOLDERS’ CONCERNS AND BEST INTERESTS WHILE MAINTAINING POOR CORPORATE GOVERNANCE PRACTICES",
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      "text": "Darden’s historical return on capital",
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