{
  "docId": "019dd923-622c-750b-8b95-52ec3864d334",
  "docSlug": "a13d7a7a16ca",
  "documentTitle": "Parkland Corporation (PKI)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-03-22 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 6,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses specific examples of director tenure (21, 17, 12 years) and cumulative committee tenure (41 years) to build a case for board refreshment.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-52ec3864d334/4",
  "deckHref": "/decks/019dd923-622c-750b-8b95-52ec3864d334",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-52ec3864d334.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-52ec3864d334#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We are concerned that three of Parkland's directors have served on the Board for twelve years or more, including Chairman Jim Pantelidis who has served on the Board for 24 years, and Mr. Spencer and Mr. Bechtold who have been on the Board for 21 and 17 years, respectively.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203f-7169-9f99-c89bdaa1430f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.14,
        "y": 0.45
      },
      "kind": "paragraph",
      "text": "We are also concerned by the extensive interrelationships among certain directors... two of the four members of that committee include Mr. Pantelidis and Mr. Bechtold, who together have served on the Board for a cumulative total of 41 years.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39ba77a3-f135-4c31-a0b0-49df7903f702",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.14,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "We are concerned that three of Parkland's directors have served on the Board for twelve years or more... Mr. Bechtold who have been on the Board for 21 and 17 years, respectively.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b08c8cc5-57d4-40a0-8cb0-276d4b215f20",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Director Tenure: Boards should consider all relevant facts and circumstances to determine whether a director should be considered independent - these considerations include the director's years of service on the board - extended periods of service may adversely impact a director's ability to bring an objective perspective to the boardroom. We believe director independence can be compromised at 12 years of service - in these situations a company should carry out rigorous evaluations to either classify the director as non-independent or provide a detailed annual explanation of why the director can continue to be classified as independent.\" — CalPERS, Governance and Sustainability Principles, September 2019.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-203f-7169-9f99-ce047f5c2d16",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.72,
        "x": 0.14,
        "y": 0.79
      },
      "kind": "source-note",
      "text": "4 Peers consist of PSX, VLO, DINO, DK, PB and CVI. 5 \"Director Tenure: Boards should consider all relevant facts...\"",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97ab674c-098f-4fab-b333-8fd413af5fb0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.72,
        "x": 0.14,
        "y": 0.205
      },
      "kind": "title",
      "text": "2. Adhere to best corporate governance practices by refreshing the Board and adding directors with convenience merchandising and capital allocation experience.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02067605-e5c7-42ae-9a06-eb7651282fba",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "82bdf9b3-0e44-4954-a53e-aff66e13ed69",
      "evidence": "Critique of board tenure and independence based on CalPERS and ISS standards.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 5,
      "from": 3,
      "beatId": "f0ec4807-d523-448b-ab8c-1c4f9c6da551",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The document outlines specific demands for improving governance and executive compensation.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 5,
      "from": 3,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "62ff5625-a7e8-4bcc-978a-ce82a0524b5f",
      "evidence": "The document presents a list of specific demands for improvement.",
      "position": 1,
      "objective": "Break down the solution into specific demands",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}