{
  "docId": "019dd923-622c-750b-8b99-5499dc38e401",
  "docSlug": "0ce9434f48c5",
  "documentTitle": "Essential Utilities, Inc. (WTRG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-03-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 81,
  "pageCount": 91,
  "prevPage": 80,
  "nextPage": 82,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Uses a side-by-side comparison to highlight the discrepancy between corporate claims and candidate experience.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "paragraph",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-5499dc38e401/81",
  "deckHref": "/decks/019dd923-622c-750b-8b99-5499dc38e401",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-5499dc38e401.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-5499dc38e401#slide-81",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.94,
        "x": 0.03,
        "y": 0.16
      },
      "kind": "callout",
      "text": "What makes WTRG's Board believe that the CEO of Lancaster Colony (a food company) is an \"Audit Committee Financial Expert\"? Examining his work experience dating back to 2002 shows that he held predominately food marketing roles and we find no evidence he has served on any other public company audit committee before this current role.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "974caf42-d64f-497e-916d-200a12b69ce5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "What makes WTRG’s Board believe that the CEO of Lancaster Colony (a food company) is an “Audit Committee Financial Expert”? Examining his work experience dating back to 2002 shows that he held predominately food marketing roles and we find no evidence he has served on any other public company audit committee before this current role.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcba-aa54d58027fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.45,
        "x": 0.52,
        "y": 0.35
      },
      "kind": "image",
      "text": "Resume/Bio of Dave Ciesinski",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "481a8dc4-d9df-4ee0-bc53-4abcf7f14c9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.48,
        "x": 0.03,
        "y": 0.27
      },
      "kind": "paragraph",
      "text": "WTRG On Director Ciesinski Claims He's An Audit Committee Financial Expert.... Press Release Says Nothing Of Being A Financial Expert",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5fb9ae00-3214-4554-a607-7ac226ac22a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.48,
        "x": 0.03,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "\"The Board has also appointed Mr. Ciesinski as a member of its Audit Committee and its Corporate Governance Committee. Based on his (i) understanding of generally accepted accounting principles and financial statements; (ii) ability to assess the general application of such principles in connection with the accounting for estimates, accruals and reserves under U.S. GAAP; (iii) experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant's financial statements, or experience actively supervising one or more persons engaged in such activities; (iv) understanding of internal controls and procedures for financial reporting; and (v) understanding of audit committee functions, the Board has determined that Mr. Ciesinski is an \"audit committee financial expert\" as such term is defined under the rules and regulations of the SEC.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7308c6ae-35d3-4076-8c2b-8527c5ed18c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.48,
        "x": 0.03,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "\"After a national search for a new director, the experience and expertise that Dave will bring to the Essential board is clear. He will be an excellent representative of the shareholders in guiding the company, particularly in matters of growth and branding\".",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a51efa9f-a66f-4399-aa0a-cb234f7d2ec6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.45,
        "x": 0.52,
        "y": 0.27
      },
      "kind": "paragraph",
      "text": "Despite Holding Food Marketing Roles For Over Two Decades",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6b6290f-1068-4f7b-8474-46d8199a4dc7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "After a national search for a new director, the experience and expertise that Dave will bring to the Essential board is clear. He will be an excellent representative of the shareholders in guiding the company, particularly in matters of growth and branding. — Essential Utilities Press Release",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcba-acd38e904456",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.03,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "(1) 8-K and press release appointment of Ciesinski",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a53867b-2b4c-414b-93d1-df0b79afc07b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.28,
        "y": 0.05
      },
      "kind": "title",
      "text": "We Believe WTRG's Latest Audit Director Appointment Is Unfit And Should Resign",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7fad039e-7e5b-47f7-801e-05f26e5b9c15",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "67179c2c-68d4-4765-864b-2f03428d0707",
      "evidence": "Contrasts official board statement with candidate's actual resume",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 91,
      "from": 81,
      "beatId": "1714b8da-62fb-43cd-935e-fef3aab3f3d2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": null,
      "evidence": "The document concludes with a clear and compelling case for a strong sell opinion and a 35-50% downside risk.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}