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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-22 00:00:00",
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  "pageNumber": 13,
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  "notes": "The slide uses external citations from ISS and media reports (CNBC, NY Post) to build a case against the current board's governance practices.",
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  "components": [
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      "kind": "callout",
      "text": "Darden's recent Bylaw amendments and the Board's decision to ignore shareholders and sell Red Lobster underscore the Company's disregard for shareholder interests and call into question the Board's motives.",
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      "kind": "paragraph",
      "text": "Darden's recent Bylaw amendments and the Board's decision to ignore shareholders and sell Red Lobster underscore the Company's disregard for shareholder interests...",
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      "kind": "paragraph",
      "text": "We also have serious concerns with Darden's long history of silencing critics and trying to avoid an active dialogue on the key issues facing the Company.",
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      "kind": "quote",
      "text": "On March 19, 2014 the company announced several changes to its bylaws which would 'update the bylaws to address current market practices.' However, some of the bylaw changes appear to go beyond modernization...",
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      "kind": "quote",
      "text": "[S]ome investors are protesting that Darden's idea of 'direct engagement' amounts to returning the phone calls of analysts and investors who agree with its strategy while ignoring calls from dissenters.",
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      "text": "\"On March 19, 2014 the company announced several changes to its bylaws which would ‘update the bylaws to address current market practices.’ However, some of the bylaw changes appear to go beyond modernization, and—in the context of an extant challenge from shareholders—call into question the board’s motivation....the nature of these particular changes, coupled with the last-minute cancelation of its formerly annual 2-day analyst conference in March, may suggest cause for concern to shareholders.\" — ISS; \"[S]ome investors are protesting that Darden’s idea of ‘direct engagement’ amounts to returning the phone calls of analysts and investors who agree with its strategy while ignoring calls from dissenters. ‘They’ve got a history of only engaging with investors and analysts who are supportive of their views,’ said one Darden shareholder, who declined to give his\" — New York Post",
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      "kind": "title",
      "text": "SHAREHOLDERS REQUIRE A BOARD THAT WILL ADDRESS AND RESPECT SHAREHOLDER CONCERNS",
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