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  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
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  "notes": "The slide uses a red flag icon to highlight the governance concern regarding auditor tenure and director equity.",
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      "kind": "callout",
      "text": "The Audit Committee is directly responsible for the appointment, compensation, retention and oversight of the Company's independent registered public accounting firm and such firm reports directly to the Audit Committee. Ernst & Young LLP and its predecessor firms, Ernst & Ernst and Ernst & Whinney, have been retained as the Company's independent auditor continuously since 1974.",
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      "text": "Spruce Point observes that Stryker's Audit Committee has little vested interest in the Company. In total, the Audit Committee owns less than 8,500 shares. For a company of the size, scope and complexity of Stryker, we'd prefer to see Directors with more equity \"At Risk\" as an incentive to perform quality audit oversight. In total, 3 of 8 Directors own no stock in Stryker. Even more of concern, E&Y has audited Stryker continuously since 1974. Given the breadth of our financial reporting and accounting concerns, we believe it is time for Stryker to seek a new auditor with fresh eyes to review its books.",
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      "kind": "callout",
      "text": "Given the breadth of our financial reporting and accounting concerns, we believe it is time for Stryker to seek a new auditor with fresh eyes to review its books.",
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      "text": "shares owned: 8,454",
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      "text": "Source: Stryker Proxy Statement",
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      "text": "Time For An Auditor Change And An Audit Committee With More \"At Risk\"",
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