{
  "docId": "019dd923-622b-71dc-a6db-516972bd61b4",
  "docSlug": "8aba66576764",
  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-04-21 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 28,
  "pageCount": 87,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a rhetorical question to frame the contradiction.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-516972bd61b4/28",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-516972bd61b4",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-516972bd61b4.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-516972bd61b4#slide-28",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.82
      },
      "kind": "callout",
      "text": "Does this make sense? How can it be that the Company is doing poorly operationally but management as individuals are each doing great?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a572f929-023a-4953-a7d3-dee9f210abee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.9,
        "x": 0.05,
        "y": 0.36
      },
      "kind": "list",
      "text": "In 2014, the Board’s Human Resources and Compensation Committee acknowledged poor operating performance as it exercised “negative discretion” and gave management a 0% payout factor for “corporate performance” under DuPont’s short-term incentive program. However, the Human Resources and Compensation Committee still found a way to pay management by giving an 80-100% payout factor for “individual performance”",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "004437d0-debb-45e5-9151-8ad17477290f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.14
      },
      "kind": "list",
      "text": "The Board’s compensation practices have rewarded management for failing to meet its targets. In 2013, management’s long-term incentive plan had a payout of 113% of target despite a TSR in the 25th percentile of DuPont’s peers",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1950ed84-8b82-4a99-ab75-5986b07438c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.27
      },
      "kind": "list",
      "text": "That same year, short-term compensation payout was almost 90% despite adjusted EPS growth of 3%, significantly below the Company’s long-term target of 12% EPS growth",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "adfe674a-a0f2-4c2f-91a4-4a33da41674c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "payout factor: 0%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac2-71b6-bf3f-199c6d5a5069",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.05,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: DuPont SEC filings and 2011 and 2013 Investor Day Transcripts.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1c2d302-2110-4f9c-8b44-cd294332ed08",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.92,
        "x": 0.04,
        "y": 0.56
      },
      "kind": "table",
      "text": "Corporate Performance Rating 0% vs Individual Performance Rating 80%-100%",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c13ad38b-b9ed-45c1-9954-2475316ded44",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.05,
        "y": 0.07
      },
      "kind": "title",
      "text": "Trian Will Seek To End “Crony” Compensation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7bd41af4-b9bb-4201-bc74-e174bcd74490",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "cf2d4272-a0de-44f1-85ef-60af4374aac7",
      "evidence": "Contrasts corporate performance metrics with individual payout metrics to expose management compensation misalignment.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 28,
      "from": 21,
      "beatId": "5615faa7-84e7-440d-9620-0347507f21b3",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Call to Action",
      "beatSlug": "overcoming-monster-the-call",
      "evidence": "Slides present Trian's goals and the need for change",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 28,
      "from": 21,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "9119fe39-77d4-4b5e-8a47-6da29ad4549f",
      "evidence": "Slides 21-28 present Trian's goals and plans",
      "position": 1,
      "objective": "Reveal Trian's goals and solutions",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.6,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}