{ "docId": "019dd923-622b-71dc-a6db-780377abfbe8", "docSlug": "d954d7f4a9c3", "documentTitle": "The Walt Disney Company (DIS)", "authorId": "06_Trian_Partners", "authorName": "Nelson Peltz", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2024-03-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 74, "pageCount": 133, "prevPage": 73, "nextPage": 75, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 12, "notes": "The slide uses a stacked bar chart to compare peer median compensation against Iger's compensation before and after amendments.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_stacked", "bullet_list", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-780377abfbe8/74", "deckHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8", "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8#slide-74", "components": [ { "bbox": null, "kind": "callout", "text": "Upon announcement of the Fox deal, a new compensation package for Mr. Iger provided him a total compensation opportunity more than 2.5x the median of Disney’s General Industry Peers", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f41-721f-9e3e-f994f64de4eb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.04, "y": 0.26 }, "kind": "chart", "text": "Mr. Iger’s Aggregate Compensation Under 4-Year Employment Extension Entered Into in Connection with Fox Acquisition(1) (FY18 - FY21)", "attrs": null, "subkind": "bar-stacked", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3b18950d-487f-4f84-bac7-bc020f5edd9e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.51, "y": 0.26 }, "kind": "list", "text": "Upon announcement of the Fox deal, a new compensation package for Mr. Iger provided him a total compensation opportunity more than 2.5x the median of Disney’s General Industry Peers. Shareholders immediately objected to Mr. Iger’s pay package; at Disney’s 2018 Annual Meeting, Disney’s Say-on-Pay proposal received just 45% support. Following significant shareholder discontent, the Compensation Committee amended Mr. Iger’s agreement twice. The value of Mr. Iger’s $100 million special equity award remained unchanged, and even with these amendments, Mr. Iger remained eligible to receive far more than $200 million in compensation from FY18 to FY21.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2c31180f-388c-4075-94ac-a17713492b1c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "CEO compensation: $270mm", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-3f41-721f-9e3f-03231ad91c95", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "paragraph", "text": "On the same day that Disney agreed to acquire Fox, the Board extended Mr. Iger’s employment agreement by four years and awarded him an “over-the-top” compensation package.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "682e7223-b0a5-4b88-aea5-64f93c2b4ade", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.77 }, "kind": "quote", "text": "The substantial payments to Bob Iger in connection with his contract extension and the upcoming 21st Century Fox merger are concerning... [T]he magnitude of the special equity grant ($100 million) is excessive... Even in the face of retention concerns, awards of this size should be tied to very challenging performance conditions, or at least require relative outperformance for full vesting...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5b8e193c-5acf-4dc8-894f-dffde46aa5c9", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "The substantial payments to Bob Iger in connection with his contract extension and the upcoming 21st Century Fox merger are concerning... [T]he magnitude of the special equity grant ($100 million) is excessive... Even in the face of retention concerns, awards of this size should be tied to very challenging performance conditions, or at least require relative outperformance for full vesting... — Institutional Shareholder Services, 2018 Disney Report", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f41-721f-9e3e-fd4bd62aae6d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.92 }, "kind": "source-note", "text": "Source: SEC filings. Note: (1) “Target Direct Compensation” reflects the target value of Mr. Iger’s base salary, annual bonuses and annual equity awards from FY18-FY21. “Special Equity Grant” refers to the special award of restricted stock units and performance-based restricted stock units awarded to Mr. Iger in connection with his employment extension. “General Industry Peer Median” refers to the total CEO compensation reported by the “General Industry Peers,” as disclosed on page 20 of Disney’s 2018 Proxy Statement, during each company’s 2018, 2019, 2020 and 2021 fiscal years. (2) Per Disney’s 2019 Proxy Statement, investors had expressed “concerns” throughout the year that “performance requirements should be more rigorous given the magnitude of the award.”", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "36302e05-ce2a-44ae-8d2e-a00a424828ad", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Ms. Lagomasino’s Tenure on Disney’s Comp. Committee Included Awarding of an Egregious CEO Pay Package", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "52623c79-f83c-4b3a-9cd8-eed4697ebcf0", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "dec3df23-1bff-4b4a-a46f-8325dd2ceefd", "evidence": "Uses ISS quote to contradict the board's compensation decision.", "confidence": 0.9 } ], "arcBeats": [ { "to": 133, "from": 23, "beatId": "b87ea76d-47cf-41db-891f-d9874d31fb66", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck offers a solution by nominating Trian Partners' candidates and outlining their plans for change", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }