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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-03-10 00:00:00",
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  "notes": "The slide uses a 'villain' framing by calling the benchmark 'absurd' and 'irrelevant'.",
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      "text": "Amcor sells itself to investors as being a global company, so why not act like one and benchmark itself to a world index instead?",
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      "text": "ASX-based TSR group list of companies.",
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      "text": "Amcor has its principal office in Switzerland, is incorporated in Jersey, and has a majority of its revenues and assets in North America, Western Europe and Latin America. Yet, management wants to be paid on performance relative to a basket of ASX Australian companies, some of which little relation to Amcor's business. Australian revenues and long-term assets represent ~3% of Amcor's legacy business. Amcor sells itself to investors as being a global company, so why not act like one and benchmark itself to a world index instead?",
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      "text": "Source: Amcor proxy statement / Amcor 2018 Annual Report",
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