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  "docSlug": "798b531685a0",
  "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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  "pageNumber": 52,
  "pageCount": 131,
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  "slideType": "expose_contradiction",
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  "notes": "Uses a direct quote from the company's proxy statement to highlight hypocrisy.",
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      "kind": "callout",
      "text": "GCP’s Board Claims to be Committed to “Best-in-Class Governance Practices” (Excerpt from 2020 Definitive Proxy)\n\nOur Structure\nWe are committed to best-in-class governance practices that protect the long-term interests of our shareholders and establish strong Board and management accountability. The “Corporate Governance” section beginning on page 15 describes our governance framework. We have adopted key corporate governance best practices, including:",
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      "text": "Despite a commitment to “best-in-class governance practices,” the Board continues to have a number of unfriendly shareholder provisions.\nIn particular, shareholders are prevented from taking the following actions:\n- NO action by written consent;\n- NO ability to call special meetings or fill vacancies on the Board.\nIn addition, these provisions are set-forth in the Company’s Certificate of Incorporation, which makes it more difficult for shareholders to amend as changes would require Board approval.",
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      "text": "GCP has a number of shareholder-unfriendly governance provisions.",
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      "text": "Source: GCP’s public filings.",
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      "text": "We believe the Company continues to have a number of unfriendly shareholder provisions.",
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      "text": "We Also Have Concerns With the Company’s Corporate Governance Practices",
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