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  "documentTitle": "Sotheby's (BID)",
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  "presentationDate": "2014-04-22 00:00:00",
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  "notes": "The slide highlights a specific capital allocation policy from Sotheby's, presented by Marcato Capital Management.",
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      "kind": "callout",
      "text": "Target a minimum of 15% ROIC on growth opportunities (20% ROE for Sotheby's Financial Services) and allocate capital to initiatives that provide an appropriate rate of return",
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      "text": "1. Consider prudent leverage targets... 2. Assess and recalibrate... 3. Target a minimum of 15% ROIC... 4. Execute annual share repurchase... 5. All excess capital will be returned...",
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      "text": "Through Our Capital Allocation and Financial Policy Review Process, We Have Established Key Principles to Determine Amounts and Process for Returning Excess Capital to Shareholders on an Ongoing Basis — Sotheby's Capital Allocation and Financial Policy Review, January 2014.",
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      "text": "Source: Sotheby's Capital Allocation and Financial Policy Review, January 2014.",
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