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  "documentTitle": "The Walt Disney Company (DIS)",
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      "kind": "paragraph",
      "text": "Excessive One-Time Pay Packages Incentivized Large M&A Over Value Creation",
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      "text": "[W]hile we acknowledge the need to retain critical leadership in anticipation of such a significant merger, the magnitude of the special equity grant ($100 million) is excessive.",
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      "text": "[I]t is unusual for an executive chairman to be compensated at a significantly higher level than the company’s CEO and the proxy does not provide a compelling reason for this arrangement... The proxy does not adequately explain why investors should bear the costs for him to remain the most highly compensated NEO even when his apparent role and responsibilities within the company are reduced.",
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      "text": "[I]t is unusual for an executive chairman to be compensated at a significantly higher level than the company’s CEO and the proxy does not provide a compelling reason for this arrangement... The proxy does not adequately explain why investors should bear the costs for him to remain the most highly compensated NEO even when his apparent role and responsibilities within the company are reduced. — Institutional Shareholder Services – 2021 Disney Report",
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      "text": "2018: D, 2019: F, 2020: F, 2021: D, 2022: D",
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