{
  "docId": "019dd923-622c-750b-8b99-53ebe45211d2",
  "docSlug": "78ffe7ab28d4",
  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 23,
  "pageCount": 147,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a red flag icon and a red arrow callout to emphasize the contradiction between the company's stated progress and the low materiality ranking of ethics.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-53ebe45211d2/23",
  "deckHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2#slide-23",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.24,
        "x": 0.04,
        "y": 0.43
      },
      "kind": "callout",
      "text": "Investors Care Least About Ethics and Transparency?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "478c187a-f6bd-43bf-a2db-7d2925725624",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.84,
        "x": 0.08,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Spruce Point is incredulous when it comes to Saputo's 2022 Promise and claims that \"Business Ethics and Transparency\" carry the lowest weight towards ESG matters. We believe that without unquestionable and irreproachable ethics and transparency, all other matters related to financial and environmental reporting should be heavily discounted and viewed with extreme skepticism. Saputo claims to have made progress in increasing transparency and disclosures to investors last fiscal year. However, we will explain why we believe transparency is declining.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "67a87647-c80f-4de0-9cd5-654c317c68d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.13,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: 2022 Saputo Promise",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bde6598d-5f2c-4435-8ffe-47e573038841",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.52,
        "x": 0.24,
        "y": 0.335
      },
      "kind": "table",
      "text": "Materiality matrix table showing Business Ethics and Transparency with a single asterisk (*)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "405ed797-2226-48c3-8aa7-e2c43d0bc278",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.76,
        "x": 0.12,
        "y": 0.72
      },
      "kind": "table",
      "text": "Pillar, Goals, and Progress table regarding Business Ethics",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "69410fcb-75a7-49f0-bbd5-f62fe80788c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.48,
        "x": 0.31,
        "y": 0.04
      },
      "kind": "title",
      "text": "Saputo Claims Transparency Is Increasing....",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "295e7e11-314f-4633-a4b8-271af834100c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "c1ea8786-85d8-4717-b2b3-7b2f65936d66",
      "evidence": "Contrasting company's stated progress with their own materiality ranking",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}