{
  "docId": "019dd923-622b-71dc-a6db-a8948f12a2f8",
  "docSlug": "83e53ed5ec0b",
  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 72,
  "pageCount": 133,
  "prevPage": 71,
  "nextPage": 73,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 14,
  "notes": "Uses 'MISS' stamps to emphasize performance failures against consensus estimates.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "big_number",
    "bar_chart_vertical",
    "data_table",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-a8948f12a2f8/72",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-a8948f12a2f8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-a8948f12a2f8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-a8948f12a2f8#slide-72",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "$83mm Total Compensation Paid to NEOs Despite Negative Shareholder Returns",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9f96-9a2c82f6c53c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.2,
        "x": 0.73,
        "y": 0.36
      },
      "kind": "chart",
      "text": "ROIC Target vs. Actual ROIC and WACC",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "099008c7-b290-4748-91e6-6d73b7df3e96",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.2,
        "x": 0.08,
        "y": 0.36
      },
      "kind": "chart",
      "text": "Poor TSR: Absolute, Relative vs Proxy Peers, Relative vs S&P 500",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e43f79c1-2283-4bc2-bb92-0c8d62725b7e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.84,
        "x": 0.08,
        "y": 0.21
      },
      "kind": "list",
      "text": "$83mm Total Compensation Paid to NEOs Despite Negative Shareholder Returns; 99% Payout on Financial Performance Despite Missing Consensus Estimates; 145% Discretionary Payout to CEO; 103% Payout on ROIC Test",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0aae85f9-8309-4abf-acac-2b1954552b1c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Compensation: $83mm",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9f96-a027089459b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.2,
        "x": 0.51,
        "y": 0.36
      },
      "kind": "paragraph",
      "text": "CEO's Performance Highlights from Proxy Statement Included: Mr. Iger's work with the Succession Planning Committee... Disney's recent box office successes...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "942dbb38-b5c9-4650-a1d0-0b45f9f5f893",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Mr. Iger’s work with the Succession Planning Committee: the Committee’s only accomplishment was to extend Mr. Iger’s contract by two years, including a significant pay raise",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9f96-9e681fca3d71",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.08,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: SEC filings, FactSet. Note: (1) Inclusive of all compensation... (2) Consensus estimates as of the beginning of FY 2023.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c3f70f82-69c5-4b5f-b794-32f7bf4e8b1f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.2,
        "x": 0.29,
        "y": 0.36
      },
      "kind": "table",
      "text": "FY 2023 Financials vs. Consensus: Revenue, Segment EBIT, Adj. EPS",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f282b47-72e8-40bd-a14c-75c17bc9bf71",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.84,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Compensation Issues Continued to Plague Disney in FY 2023",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "17b57a4b-575a-4862-9f54-bed204a2cfcf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "5a80bd7c-1628-405b-bfde-68313e860544",
      "evidence": "Contrasts high executive pay with missed financial targets and poor TSR.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 77,
      "from": 11,
      "beatId": "37f840cb-5286-46ae-9405-b7f93cd27795",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Multiple pages expose contradictions in Disney's statements and actions.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 91,
      "from": 26,
      "beatId": "4709246a-df86-4f24-9209-dc709e9cc918",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Propose Solution",
      "beatSlug": null,
      "evidence": "Trian presents its initiatives and nominees as a solution to Disney's problems.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}