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  "documentTitle": "Union Pacific Corporation (UNP)",
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  "authorName": "Eric Mandelblatt",
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  "presentationDate": "2023-02-22 00:00:00",
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  "notes": "The slide uses a combination of qualitative quotes and a quantitative bar chart to build a case against management's operational competence.",
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      "text": "Consistent with prior years, UNP continues to deliver worst-in-class safety metrics, nearly 2x worse than the peer average",
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      "text": "UNP's recent employee safety results have been unacceptable. Employee safety is paramount and highly correlates with well-run operations",
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      "text": "Former executives have expressed concerns around management's handling of employee safety",
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      "text": "UNP has hired external safety consultants to address its safety problems, which is a clear sign of a weak grasp of operations. No other Class I railroad has publicly acknowledged the need for third-party safety consultants",
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      "text": "Management has consistently referred to employee safety results as \"mixed\" or \"did not meet expectations\"",
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      "text": "2022 Train Accidents (per 1mm train miles): 4.4",
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      "text": "\"In the past it was always interpreted fairly if an injury on the job occurred. Now, as employees have seen, if you report an injury the company will come back with the argument that the injury only occurred because the employee was negligent in following safety rules no matter the situation. Not following safety rules is cause for dismissal. So, employees have gotten the message not to report injuries or problems... retaliation against whistleblowers is rampant.\" — Former UNP Executive(1)",
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      "text": "Source: Federal Railroad Administration - Office of Safety Analysis (reporting level: system). Note: 2022 represents latest data available as of 2/22/2023. (1) Conducted by third-party consulting firm. (2) From Stream Research Group (https://research.alpha-sense.com?docid=EC-121822-125964).",
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      "kind": "title",
      "text": "...and partly the result of worst-in-class safety metrics",
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