{ "docId": "019dd923-622c-750b-8b99-91010c0bd592", "docSlug": "937587dba6b9", "documentTitle": "Intuit Inc. (INTU)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-09-20 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 113, "pageCount": 125, "prevPage": 112, "nextPage": 114, "slideType": "nominee_bio", "function": "introduce_nominees", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a 'villain critique' approach by highlighting the lack of relevant financial experience for specific board members.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "headshot", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-91010c0bd592/113", "deckHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592#slide-113", "components": [ { "bbox": { "h": 0.1, "w": 0.3, "x": 0.05, "y": 0.85 }, "kind": "callout", "text": "Entire career as lawyer; only other public board was AOL (2013-2015).", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "09293407-5958-4e72-912a-db5728300c59", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "callout", "text": "Disclosure From Intuit 2024 Proxy Statement Regarding Audit Committee Qualifications", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "60bedc37-bdb1-4221-8b4d-a15610e12b7e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.35, "y": 0.85 }, "kind": "callout", "text": "Last 25 years as Chief Information Officer; only other public boards were AOL (2009-2015) and Twilio (2014-2023).", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c7ec2cdd-bfc8-4995-b441-f8b237c42552", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.65, "y": 0.85 }, "kind": "callout", "text": "Entire career as engineering exec and CEO; only other public board is Zoom.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c8977fde-5814-403d-b5e6-79b6f0c5088d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "The other three members of Intuit's Audit Committee also raise eyebrows. While we don't question the accomplishments of Directors Burton, Dalzell, and Yuan in their respective fields (legal, technology, and engineering), we do believe Intuit's Audit Committee could be strengthened by the addition of executives with more extensive auditing and financial management expertise.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-1ac5-725e-9dca-67985c646ab5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.3, "x": 0.05, "y": 0.5 }, "kind": "image", "text": "Eve Burton", "attrs": null, "subkind": "headshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "19733ea6-993d-4476-896a-29a09706bf0e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.3, "x": 0.35, "y": 0.5 }, "kind": "image", "text": "Richard L. Dalzell", "attrs": null, "subkind": "headshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "65dccb53-be0c-4a67-85f4-edaf5eb2f612", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.3, "x": 0.65, "y": 0.5 }, "kind": "image", "text": "Eric S. Yuan", "attrs": null, "subkind": "headshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a80a8a2c-0e17-46d0-8d45-671c86c49dde", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "paragraph", "text": "Our Board has determined that each member of the Audit and Risk Committee is both independent... and financially literate... The Board also has determined that each of Mr. Szkutak, Mr. Vazquez, and Mr. Yuan qualifies as an \"audit committee financial expert\"...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2841a1a0-c6ec-431d-8382-6dc99166196d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "The other three members of Intuit's Audit Committee also raise eyebrows. While we don't question the accomplishments of Directors Burton, Dalzell, and Yuan in their respective fields (legal, technology, and engineering), we do believe Intuit's Audit Committee could be strengthened by the addition of executives with more extensive auditing and financial management expertise.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "691743c3-2d93-4ee5-b3f9-4c501a7e1915", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Our Board has determined that each member of the Audit and Risk Committee is both independent (as defined under applicable Nasdaq listing standards and SEC rules related to audit committee members) and financially literate (as required by Nasdaq listing standards). The Board also has determined that each of Mr. Szkutak, Mr. Vazquez, and Mr. Yuan qualifies as an \"audit committee financial expert\" as defined by SEC rules, and has \"financial sophistication\" in accordance with Nasdaq listing standards.\" — Intuit 2024 Proxy Statement", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-1ac5-725e-9dca-682ae6039e6f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: Intuit 2024 Proxy, Spruce Point Research", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "88d81c49-1a33-4627-9cd4-e093f3e43ae4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.25, "y": 0.05 }, "kind": "title", "text": "We Question The Financial Expertise Of The Other Intuit Audit Committee Members", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ec0fd37e-9223-40da-94bf-07849c40755a", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Audience Definition", "slug": "audience-definition", "agent": "Storyteller", "layer": "slide", "matchId": "30661371-6edb-4898-add0-1c4bfe256796", "evidence": "The slide discusses the qualifications and background of Intuit's Audit Committee members, implying a focus on their expertise.", "confidence": 0.7 } ], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "4b9e9ac2-77c0-437a-85f8-0c60251c242a", "evidence": "Critiquing specific board members' qualifications to build a case for change.", "confidence": 0.8 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }