{
  "docId": "019dd923-622c-750b-8b99-dfc8f9e0fa3e",
  "docSlug": "c0127171790f",
  "documentTitle": "Bunge Global SA (BG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 14,
  "pageCount": 74,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 30,
  "notes": "The slide uses red highlighting to draw attention to Bunge's high audit fee ratios compared to ADM and Nutrien.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-dfc8f9e0fa3e/14",
  "deckHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.14,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Bunge's audit fees in relation to its assets and employees are even higher than ADM's which was just charged by the SEC for accounting fraud.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fdc7ab21-be44-4167-9a71-b448453d294b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Bunge’s audit fees in relation to its assets and employees are even higher than ADM’s which was just charged by the SEC for accounting fraud.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-8701-76d7c7878bde",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Audit Fee / Total Assets: 0.064%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-8701-79ad9a8b61d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.96,
        "x": 0.02,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Proxy statements and Annual Reports; \"Do auditors charge a client business risk premium? Evidence from audit fees and derivative hedging in the U.S. oil and gas industry\", Jan 2, 2022, Ranasighe Yi, Zhou",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "501e48c7-94f9-435e-9123-a402dd9703b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.96,
        "x": 0.02,
        "y": 0.37
      },
      "kind": "table",
      "text": "Industry Audit Fee Analysis table comparing Nutrien, ADM, and Bunge across three metrics from 2022-2025.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ca48c456-464b-4dd8-9a3e-4d05b6a9e6d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe That Abnormally High Audit Fees Are Indicative of Bunge's Elevated Risks",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf864e64-5014-4200-b173-84b29575a1f2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de85c-5af5-74fc-b251-46b8b169e567",
      "evidence": "'Abnormally High Audit Fees... Indicative of Elevated Risks'",
      "confidence": 88
    },
    {
      "name": "Concrete Language",
      "slug": "concrete-language",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "019de85c-5b42-7348-810c-8ebf266e068c",
      "evidence": "0.064% audit fee/assets vs Nutrien/ADM",
      "confidence": 78
    },
    {
      "name": "Pre-attentive Attributes",
      "slug": "pre-attentive-attributes",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019de85c-5b1b-716a-bf51-d2fd8ca041d2",
      "evidence": "Bunge data points highlighted in red vs peers",
      "confidence": 82
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "08fd15e9-70c8-4cfb-b6d4-5673e9c8e9f9",
      "evidence": "Direct comparison of audit fee metrics between Bunge and industry peers to establish risk.",
      "confidence": 0.9
    },
    {
      "name": "Peer benchmark table",
      "slug": null,
      "matchId": "019de85c-7390-724a-93e3-adcef8baa4fe",
      "evidence": "Audit fee/assets table vs Nutrien, ADM",
      "confidence": 80
    }
  ],
  "arcBeats": [
    {
      "to": 15,
      "from": 8,
      "beatId": "019de85c-51be-77db-85de-f4cfef5229aa",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": null,
      "evidence": "Six reasons, audit fees, Iberica accounting flag",
      "position": 2,
      "confidence": 82,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 15,
      "from": 12,
      "name": "Myth Buster",
      "slug": "12-myth-buster",
      "bestFor": "Rebranding, changing market perception, correcting false assumptions",
      "matchId": "019de85c-53ed-77f2-8e1d-0909383ca98f",
      "evidence": "p.12 'fail-forward misunderstanding'; p.13-15 scandal/audit/Iberica counter-evidence.",
      "position": 3,
      "objective": "Bust 'misunderstanding' driving share price",
      "structure": "The Common Belief -> The Friction/Failure of that Belief -> The New Truth",
      "confidence": 78,
      "description": "Address a common misconception head-on to clear the room for a new truth"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}