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  "documentTitle": "GCP Applied Technologies (GCP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2020-04-30 00:00:00",
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  "notes": "The slide uses a bar chart to visualize the fee disparity, highlighting the potential for compromised objectivity.",
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      "kind": "callout",
      "text": "GCP needs a truly independent Board that can mitigate any potential conflicts of interest.",
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      "kind": "chart",
      "text": "Cumulative Fees Paid to Willis for Executive Compensation and Other Services (2016 – 2019)",
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      "text": "According to the Company's proxy filings, Willis not only serves as the Board's independent compensation consultant, but also provides corporate risk and brokerage services to the Company's management team.\nWith the exception of 2016, Willis has collected significantly more fees from services provided to the Company (i.e. corporate risk, brokerage, and other services) than for services related to executive compensation.\nBecause, the Company's management team has discretion over fees paid to Willis for corporate risk, brokerage, and other services, we believe Willis has significant conflicts of interest that may prevent the firm from providing objective advice to the Board on executive compensation matters.",
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      "text": "Cumulative Fees: $1,302,268",
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      "text": "Willis Towers Watson (\"Willis\"), an independent consulting firm, is a trusted advisor to the Board's compensation committee on management pay. However, Willis also collects significant fees from the Company for other services at management's discretion, creating an inherent conflict.",
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      "text": "Source: GCP's public filings.",
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      "text": "We Question Whether the Compensation Consultants Are Truly Independent",
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