{
  "docId": "019dd923-622b-71dc-a6dc-bd2165321181",
  "docSlug": "98bc08b5f4d0",
  "documentTitle": "Forward Air Corporation (FWRD)",
  "authorId": "21_Ancora",
  "authorName": "Ancora",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-05-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 18,
  "pageCount": 27,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses red 'X' icons to denote negative governance practices.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-bd2165321181/18",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-bd2165321181",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-bd2165321181.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-bd2165321181#slide-18",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The Board opted to maintain onerous provisions and weaken shareholders’ ability to call a special meeting.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be7d-5573e1f10e2a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.53,
        "y": 0.6
      },
      "kind": "list",
      "text": "The Board declined to give shareholders the right to change the size of the Board.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "040946f1-351f-4cc9-81c7-04940078d82d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.45,
        "x": 0.03,
        "y": 0.3
      },
      "kind": "list",
      "text": "The Board is maintaining its restriction on shareholders' ability to act by written consent, which it says must be unanimous.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "25f1e6ab-ea97-4eb4-903b-6dc6ca6775b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.45,
        "x": 0.03,
        "y": 0.46
      },
      "kind": "list",
      "text": "The Board has weakened shareholders' special meeting right by limiting the time of year during which a special meeting can be called.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f3716a6-dfed-4d1a-bc9b-023a62c87fe2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.45,
        "x": 0.53,
        "y": 0.3
      },
      "kind": "list",
      "text": "The Board is maintaining onerous provisions involving the process by which a shareholder can request a special meeting.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e20372c7-9056-4180-9086-0085911c9ea8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "Instead of using the proposed Delaware reincorporation as an opportunity to improve the Company's governance practices, the Board opted to maintain onerous provisions and weaken shareholders' ability to call a special meeting.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a47bfa5-7327-4da9-8877-4929447cd8e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.03,
        "y": 0.82
      },
      "kind": "source-note",
      "text": "Source: Forward Air proxy statement.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec41b86a-e544-4bab-a246-2f7dba9c49dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "title",
      "text": "The Board Chose Not to Strengthen Shareholders' Rights With its Proposed Delaware Reincorporation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02765491-37b4-4660-aa8b-e7424b1f362e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "f2b241e6-e192-48a3-b463-ed73323429be",
      "evidence": "Focus on shareholder rights and board entrenchment mechanisms.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}