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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "The slide uses a 'villain' framing to characterize the Board's actions as self-serving.",
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      "kind": "callout",
      "text": "2 of the 4 incumbent nominees are from the Nom & Gov Committee, including Chair Michael Rose",
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      "text": "Rather than look out for the best interests of shareholders, it appears that Darden's Board has taken steps to further entrench themselves.",
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      "text": "Darden’s new Bylaw amendments serve to exacerbate Darden’s already alarming corporate governance concerns: Gives Board broad discretion to unilaterally delay the Annual Meeting. More stringent nomination notice and business proposal requirements. Sets Orange County, FL as exclusive forum for shareholders to bring derivative suits and other claims. Removes ability of shareholders to fill existing vacancies at next Annual or Special Meeting.",
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      "text": "ISS has given Darden a governance Quickscore of 10, indicating the HIGHEST POSSIBLE GOVERNANCE RISK. The roles of Chairman and CEO were only recently separated. 45.45% of the non-executive directors on the Board have lengthy tenure. The Company does not have a majority vote standard in the election of directors.",
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      "text": "Other disappointing corporate governance actions: The Board paid outgoing CEO Clarence Otis even more in FY 2014, arguably the worst year in the Company’s history, than it did the prior year.",
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      "text": "Rather than look out for the best interests of shareholders, it appears that Darden’s Board has taken steps to further entrench themselves. Darden’s recent Bylaw amendments underscore the Company’s blatant disregard for shareholder interests",
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      "text": "Despite significant criticism from leading proxy advisory firms and shareholders regarding Darden’s poor governance practices, the Company has actually taken steps to further disenfranchise shareholders.",
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      "text": "(1) After 19 years, Darden finally separated the roles on July 28, 2014... (2) Darden stated that it intends to implement a majority voting standard...",
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      "text": "...and the Board has recently further limited shareholders’ rights",
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