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  "documentTitle": "The Walt Disney Company (DIS)",
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      "text": "In our view, the prospect of a much larger compensation package (more than double his previous package) created a strong financial incentive for Mr. Iger to pursue the Fox deal regardless of its prospects, creating a significant conflict of interest",
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      "text": "Mr. Iger's Total Target Compensation Significantly Increased as a Result of the Fox Acquisition",
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      "text": "Mr. Iger's revised compensation package included increases to his salary, annual incentive and annual equity grant, plus an \"over-the-top\" special equity award. In our view, the prospect of a much larger compensation package (more than double his previous package) created a strong financial incentive for Mr. Iger to pursue the Fox deal regardless of its prospects, creating a significant conflict of interest. Despite the fact that Mr. Iger stepped down as CEO less than one year after the transaction closed, he was still permitted to retain his entire pay package, including the full special equity award.",
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      "text": "Total Target Compensation: $456mm",
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      "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, reasoning that doing so was \"critical\" to driving long-term value from the acquisition.",
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      "text": "\"A number of people in our process actually advised that we not increase our bid significantly, that we move up in smaller increments, and I came up with the idea of bidding significantly higher because I thought it was the best way to cause Comcast to fold its tent, to ultimately cease bidding.\"",
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      "text": "\"A number of people in our process actually advised that we not increase our bid significantly, that we move up in smaller increments, and I came up with the idea of bidding significantly higher because I thought it was the best way to cause Comcast to fold its tent, to ultimately cease bidding.\" — Robert A. Iger, CEO & Director, MasterClass on Business Strategy and Leadership",
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      "text": "Source: SEC filings, MasterClass. Note: (1) \"Prior Compensation Package at Target\" reflects the value of Mr. Iger's target compensation as disclosed on page 30 of Disney's 2018 Proxy Statement multiplied by four to arrive at an illustrative four-year value.",
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