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  "documentTitle": "Box, Inc. (BOX)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-08-06 00:00:00",
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  "pageNumber": 114,
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  "notes": "The slide uses a bulleted list to build a narrative of long-term governance failure.",
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      "kind": "callout",
      "text": "Box needs a strong, independent Board to ensure that stockholder interests are of paramount importance",
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      "text": "At its IPO, Box had a dual-class stock structure and several other governance deficiencies, and its Board was largely comprised of insiders and venture capital investors.\nOver time, the venture capital investors sold down their positions, ultimately triggering a bylaw provision that turned Box into a single-class stock.\nSubsequent to our involvement, Box made some changes to improve its governance under immense pressure from Starboard and other stockholders.\nHowever, Box refused our repeated requests and suggestions to take many other actions to improve the Company’s corporate governance.\nBox is now misleadingly attempting to claim credit for its “proactive” actions after making reactionary changes to some of its problematic governance provisions during this election contest.\nAs an example, Box is now claiming to be focused on improving governance by removing the evergreen provision from the ESPP, while maintaining the evergreen provision in the broader equity plan, which is far more dilutive.\nLeading proxy advisory firms, ISS and Glass, Lewis & Co. (“Glass Lewis”), have issued WITHHOLD recommendations on incumbent directors at Box for years.\nThe Board has not shown a willingness to hold management accountable, either for poor stock price performance or the Company’s consistent history of missing commitments made to investors.\nOn the following pages, we detail Box’s numerous governance red flags and egregious practices.",
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      "text": "Box has been plagued by poor governance since it became a public company in January 2015.",
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      "text": "Source: Company filings, ISS, Glass Lewis.",
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      "kind": "title",
      "text": "Box Has a History of Poor Governance Practices",
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