{
  "docId": "019dd923-622b-71dc-a6db-96363f3635d5",
  "docSlug": "96abbaf09d0b",
  "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": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 29,
  "pageCount": 87,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses a comparison-style layout to link specific governance provisions to their negative effects on shareholder value.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-96363f3635d5/29",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-96363f3635d5",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-96363f3635d5.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-96363f3635d5#slide-29",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be60-ff5c1f0e9457",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.39,
        "x": 0.51,
        "y": 0.51
      },
      "kind": "list",
      "text": "Limited ability to maximize value; Reduced accountability; Stockholder disenfranchisement; Prevention of the discovery of excess holding costs",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3acca000-6e2e-406d-b62d-36d684a57b53",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.39,
        "x": 0.098,
        "y": 0.51
      },
      "kind": "list",
      "text": "Staggered board (3 classes); Supermajority vote (80%); No stockholder action by written consent; 35% threshold for special meeting; Did not opt out of DGCL Section 203",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "481a2657-27b6-417c-8a02-2921b9e18582",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.804,
        "x": 0.098,
        "y": 0.33
      },
      "kind": "paragraph",
      "text": "In addition, DuPont has announced that it will appoint two of its directors, Curtis Crawford and Richard H. Brown (who will be Non-Executive Chairman of Chemours), to the Chemours’ Board. Both of these directors received the most “Against” votes for re-election at DuPont’s 2014 annual meeting (excluding DuPont’s CEO and the Lead Director)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b87cc5c-e14e-4bec-8257-a95d3cc38bdd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.804,
        "x": 0.098,
        "y": 0.175
      },
      "kind": "paragraph",
      "text": "Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9952f8f2-6993-4d76-a260-7c306f429817",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.804,
        "x": 0.098,
        "y": 0.24
      },
      "kind": "paragraph",
      "text": "Boards recognize that stockholders do not want entrenched directors and poor governance at spinoffs; Kraft (from Mondelēz), Time Inc. (from Time Warner), Gannett (spinning off its publishing business) and PayPal (from eBay) are recently completed or announced spinoffs with shareholder friendly governance provisions",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea6d0486-8d12-4c34-b9e7-13f71a66bb6d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.75,
        "x": 0.065,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "Source: The Chemours Company, LLC Form 10 filed on December 18, 2014, SEC filings. (1) On March 30, 2015... (2) DGCL Section 203...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f85a87df-1b5e-4494-b0d4-b89f85c440f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.39,
        "x": 0.51,
        "y": 0.47
      },
      "kind": "table",
      "text": "Effects of These Provisions",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c32bfb2-5d06-41cc-b197-881a4dfcff40",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.39,
        "x": 0.098,
        "y": 0.47
      },
      "kind": "table",
      "text": "Anti-Takeover Provisions: Chemours",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98e516f6-00f1-46ec-8ded-d68eaba75c6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.52,
        "x": 0.098,
        "y": 0.125
      },
      "kind": "title",
      "text": "Poor Corporate Governance Structure At Chemours",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f085a5b1-5cb9-456a-b3df-0b346b119ec4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "f9e04d85-81fa-446d-8b0c-ed1493f18dd7",
      "evidence": "Critique of anti-takeover provisions and board composition",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 37,
      "from": 21,
      "beatId": "0a8a3a82-fba6-4f03-a8cb-8990128795d2",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The deck highlights the consequences of DuPont's underperformance and poor governance, including lack of transparency and value destruction.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 37,
      "from": 21,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "3b4504be-7163-472d-958e-55a976db9700",
      "evidence": "The deck emphasizes the negative consequences of DuPont's underperformance and poor governance.",
      "position": 1,
      "objective": "Highlight the consequences of not taking action",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}