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  "documentTitle": "Parkland Corporation (PKI)",
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  "authorName": "Arnaud Ajdler",
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  "presentationDate": "2023-04-20 00:00:00",
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  "notes": "This is a page from an activist investor press release/letter. It uses a narrative structure to build a case against current board governance.",
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      "text": "Therefore, since 2018, Mr. Espey’s compensation has increased by 66% while the stock is down.",
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      "text": "We were also disappointed to see that Chairman Jim Pantelidis, who has served on the Board for 24 years, would not step down at the upcoming Annual Meeting of Shareholders...",
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      "text": "We also note that in 2022 CEO Robert Espey’s target total direct compensation went up to $5.3 million from $4.3 million in 2021... Espey’s compensation has increased by 66% while the stock is down.",
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      "text": "We also continue to be concerned by Parkland’s compensation practices... management would receive 200% of its target compensation... set 7% as the ROIC target.",
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      "text": "Again, we want to reiterate our request to meet with members of the Parkland Board... we intend to “WITHHOLD” support on ALL the incumbent directors...",
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      "text": "This is even more shocking considering that Parkland has just adopted a tenure policy that limits a director’s tenure to 10 years.",
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      "text": "“Effective 2023, Parkland’s Board has adopted a 10-year term limit for its Board, excluding executive Board members. Notwithstanding the foregoing, the Board Chair may stand for re-election outside of the 10-year limit in order to ensure that appropriate succession is in place and to ensure an orderly transition.” — Parkland’s 2023 Information Circular.",
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      "text": "1 “Effective 2023, Parkland’s Board has adopted a 10-year term limit for its Board, excluding executive Board members...",
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      "kind": "title",
      "text": "PARKLAND’S DECISION TO RE-NOMINATE ITS OVER-TENURED CHAIRMAN AND COMPENSATION PRACTICES ONLY REINFORCE THE NEED FOR CHANGE",
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