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  "documentTitle": "GCP Applied Technologies (GCP)",
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  "presentationDate": "2020-05-11 00:00:00",
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  "notes": "Uses red dashed boxes to highlight the 'Worst Performer' (S&P 600) across all four charts.",
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      "kind": "callout",
      "text": "We believe the Board's choice of the S&P 600 as the Company's reference index may have been primarily driven by its underperformance relative to all other relevant comparable indices.",
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      "text": "Total Shareholder Returns – 2 Year",
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      "kind": "chart",
      "text": "Total Shareholder Returns – Since Spin Off",
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      "kind": "chart",
      "text": "Total Shareholder Returns – 3 Year",
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      "kind": "chart",
      "text": "Total Shareholder Returns – 1 Year",
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      "text": "Total Shareholder Returns",
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      "kind": "paragraph",
      "text": "The Company has never presented the S&P 600 as a benchmark for stock price performance, yet the Board chose to make it a reference index for its May 1, 2020 presentation to shareholders, while ignoring comparisons to peers and other more well-known indices.",
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      "kind": "source-note",
      "text": "Source: CapitalIQ. (1) Total returns for all periods include dividends; performance measured through April 29, 2020...",
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      "kind": "title",
      "text": "In Addition, the Board's Choice of the S&P 600 as a Basis of Comparison Seems Disingenuous",
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      "evidence": "Frames the Board's choice as a deliberate, disingenuous act to hide underperformance.",
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      "evidence": "The document highlights various issues with GCP's performance, including poor operating expense discipline and lack of free cash flow.",
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