{ "docId": "019dd923-622c-750b-8b98-f7d835dc2a36", "docSlug": "0a3a22290f60", "documentTitle": "GFL Environmental Inc. (GFL)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-08-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 40, "pageCount": 106, "prevPage": 39, "nextPage": 41, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 2, "notes": "Uses visual evidence (jet, yacht) and a direct quote to frame the CEO as misaligned with shareholder interests.", "elementsJson": [ "headline_text", "callout_box", "photo", "quote_block", "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-f7d835dc2a36/40", "deckHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36#slide-40", "components": [ { "bbox": { "h": 0.1, "w": 0.88, "x": 0.12, "y": 0.175 }, "kind": "callout", "text": "Shareholders are picking up the tab for CEO Dovigi to purchase a new car annually and personal use of the Company jet. As a CEO who is reportedly a billionaire, it begs the question why can't he afford this on his own without burdening GFL, a chronically cash consumptive enterprise, with these additional costs.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4fd2f12c-cd11-400a-9516-92a7f19b8c6c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Shareholders are picking up the tab for CEO Dovigi to purchase a new car annually and personal use of the Company jet.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6ed-775b-bca4-475456bd1b2b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.02, "y": 0.34 }, "kind": "image", "text": "Corporate Jet", "attrs": null, "subkind": "photo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3932253d-f413-4bfe-abb5-ad0a8b2baadc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.35, "y": 0.34 }, "kind": "image", "text": "Super Yacht", "attrs": null, "subkind": "photo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6eacf187-a917-43ca-9e92-343fbe557f78", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.95, "x": 0.02, "y": 0.76 }, "kind": "paragraph", "text": "targeted at 150% of his annual base salary, which may be increased to 200% at the discretion of the board of directors. In lieu of any pension obligations, Mr. Dovigi or his affiliates will also be the beneficiary of a whole life insurance policy, the premiums for which will be paid for by the Company. In addition to the above, Mr. Dovigi will be entitled to participate in our benefit plans and receive certain perquisites such as a car allowance up to a maximum of $125,000 per annum and personal plane hours.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "91cf5f3c-4b96-4180-bda4-68f8db40815f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.68, "y": 0.34 }, "kind": "quote", "text": "On the day of our photo shoot, Dovigi arrives in a sleek black Lamborghini SUV, which he’d bought three months earlier and planned to swap for another set of wheels three months later. “I don’t smoke, I don’t drink, I don’t do drugs. I don’t have any vices except for one—cars,” he says. “Every six months, I get a new one.”", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fafee141-e6b4-48f3-97e1-f49c63e49775", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“On the day of our photo shoot, Dovigi arrives in a sleek black Lamborghini SUV, which he’d bought three months earlier and planned to swap for another set of wheels three months later. ‘I don’t smoke, I don’t drink, I don’t do drugs. I don’t have any vices except for one—cars,’ he says. ‘Every six months, I get a new one.’” — Globe and Mail, August 2019", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6ed-775b-bca4-4bff6382ec08", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.1, "y": 0.96 }, "kind": "source-note", "text": "Source: IPO Prospectus, p.179", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "82a861c2-71eb-4d91-a5da-ffcb30e4d405", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "Spruce Point Does Not Suggest Investing In “Larger Than Life” CEOs (Cont’d)", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f40e82ad-3578-43f5-a82c-7b71814f46f5", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "a2feb489-8553-4d31-9fcb-8422544de17c", "evidence": "Contrasts CEO's personal luxury spending with company-funded perks and financial status.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }