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  "documentTitle": "The Walt Disney Company (DIS)",
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  "notes": "The slide uses a visual gap analysis to show that compensation targets are set below the cost of capital.",
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      "kind": "callout",
      "text": "50% of equity compensation is linked to three-year ROIC goals of which FY 2022 and FY 2023 had targets for 100% payout set well below Disney's cost of capital and less than half of Disney's reported ROIC 5 years ago",
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      "text": "ROIC: 5.6%",
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      "text": "Source: SEC filings, FactSet. Note: (1) 2-Year Treasury Yield as of 11/29/22, the date ROIC targets for fiscal 2023 were set.",
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      "kind": "title",
      "text": "...Coupled With Egregious Long-Term Incentive Targets That Are Unambitious",
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      "text": "Disney's Return on Invested Capital (\"ROIC\") Targets in Context",
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