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  "documentTitle": "Upwork Inc. (UPWK)",
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  "authorName": "Arnaud Ajdler",
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  "presentationDate": "2024-09-13 00:00:00",
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  "notes": "This is a continuation of a shareholder letter, focusing on governance and compensation reform.",
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      "text": "We strongly encourage the Board to de-emphasize revenue targets and instead compensate management primarily based on EBITDA and free cash flow per share targets going forward.",
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      "text": "We also note the numerous business relationships between various directors, which diminish their independence.",
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      "text": "Capital and Jackson Square Ventures are no longer investors in Upwork and their representatives’ lengthy tenures (20 years for Gregory Gretsch and 18 years for Kevin Harvey) go against best practices.",
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      "text": "Management must be incentivized effectively. Prior to last year, Upwork operated a “growth at all costs” playbook... We strongly encourage the Board to de-emphasize revenue targets and instead compensate management primarily based on EBITDA and free cash flow.",
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      "text": "We also note there is not a single director with relevant staffing industry experience and little relevant experience in enterprise sales, two backgrounds critical for Upwork’s success.",
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      "kind": "quote",
      "text": "limiting director tenure allows new directors to the board to bring fresh perspectives. A tenure of more than nine years is considered to potentially compromise a director's independence and as such QuickScore will consider tenure > 9 years excessive. — Institutional Shareholder Services Inc.",
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      "text": "7 These tenures include time spent on the board of oDesk, Upwork’s predecessor. 8 Upwork was formed after oDesk & Elance merged in in December 2013.",
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      "text": "6. Align Executive Compensation to Shareholder Value Creation",
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