{
  "docId": "019dd923-622b-71dc-a6db-91fb14eb885a",
  "docSlug": "7fff9fc593d2",
  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-04-17 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 25,
  "pageCount": 45,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 5,
  "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-91fb14eb885a/25",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-91fb14eb885a",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-91fb14eb885a.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-91fb14eb885a#slide-25",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.84,
        "x": 0.08,
        "y": 0.78
      },
      "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": "6cb16675-9c16-4633-af63-458c65497a5b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.8,
        "x": 0.1,
        "y": 0.18
      },
      "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\nThat 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\nIn 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": "2414a538-67de-4ceb-8e76-68028dfd0538",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "payout factor: 0%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c79-9c7c6bc67247",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.09,
        "y": 0.89
      },
      "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": "5fb726b7-e84c-44d3-9c15-e9a2bd0017eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.84,
        "x": 0.08,
        "y": 0.55
      },
      "kind": "table",
      "text": "Corporate Performance Rating 0% | Individual Performance Rating 80%-100%",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ba6d9140-17ae-4903-aee4-1d7d8dbd6683",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.55,
        "x": 0.1,
        "y": 0.12
      },
      "kind": "title",
      "text": "Trian Will Seek To End \"Crony\" Compensation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4016b43a-9185-4c00-a8c5-1ccd2040a0a7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "1b9a217e-d755-4f41-94a4-3273735dc82d",
      "evidence": "Contrasts corporate performance metrics with individual payout metrics to expose management misalignment.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 35,
      "from": 25,
      "beatId": "9e954d0e-7996-479e-abc4-f7d4addd919c",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document offers a solution through Trian Partners' nominees and plans, highlighting their potential to unlock value and address the company's governance issues.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}