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  "documentTitle": "Erie Indemnity Company (ERIE)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a table from a 2020 proxy statement to highlight the committee's existence and subsequent removal, supported by a footnote indicating it had not met for years.",
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      "kind": "callout",
      "text": "Exchange Relationship Committee Ceases to Exist Now?",
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      "text": "The sudden removal of this committee, coupled with the admission in the 2020 proxy that it had not met for several years, suggests a troubling lack of oversight and potentially inadequate governance practices.",
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      "text": "The disappearance of Erie Insurance's Exchange Relationship Committee from its Board of Directors committees after the 2020 proxy raises significant concerns about the Company's commitment to its fiduciary obligations to policyholders.",
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      "text": "Source: 2020 Proxy, 2021 Proxy",
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