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  "docSlug": "80f82c26a432",
  "documentTitle": "Globant SA (GLOB)",
  "authorId": "54_Spruce_Point_Capital",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-04-04 00:00:00",
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  "pageNumber": 24,
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  "notes": "The slide uses a red border and arrow to highlight the specific contradiction regarding insider trading reporting.",
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      "kind": "callout",
      "text": "Globant's status as a foreign private issuer exposes shareholder to an unfair playing field. Globant does not have to report insider selling via Form 4s electronically with the SEC",
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      "kind": "callout",
      "text": "We find Globant's insider reporting methods to be deceiving as we are unsure why Globant would now file insider sales electronically with the Luxembourg exchange and not with the SEC.",
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      "kind": "list",
      "text": "Foreign Private Issuers are: Exempt from Regulation FD, Exempt from filing insider trading reports, Able to adhere to different Corporate Governance standards",
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      "kind": "list",
      "text": "Globant's Significant Departures from NYSE listing standards: Majority of Independent Directors, Standards for evaluating director independence, Shareholder voting on equity compensation plans, Non Management director meetings, CEO Certification",
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      "kind": "paragraph",
      "text": "Globant's status as foreign private issuer means they are exempt from filing the traditional insider trading forms (i.e. Form 4s.) Globant does file its transactions via form 144s, but these forms are paper forms and are therefore not filed electronically with the SEC. This is important because many investors are likely unaware of the magnitude of the insider selling. We find Globant's insider reporting methods to be deceiving as we are unsure why Globant would now file insider sales electronically with the Luxembourg exchange and not with the SEC.",
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      "kind": "source-note",
      "text": "Source: Company filings (FY16 20F, Corporate Governance PDF)",
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      "kind": "title",
      "text": "Foreign Private Issuer Exemptions And Departures From NYSE Corporate Governance",
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