{
  "docId": "019dd923-622c-750b-8b9b-3e71de80700d",
  "docSlug": "312cc29b1436",
  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2009-05-11 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 19,
  "pageCount": 80,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "Uses red 'X' icons to denote negative findings and a red bracket to highlight a conflict of interest.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-3e71de80700d/19",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-3e71de80700d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-3e71de80700d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-3e71de80700d#slide-19",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.21
      },
      "kind": "callout",
      "text": "Is Target's board nomination process fair, open, and thorough?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "17ce6039-d2be-4940-820f-f37e5a3381ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "In our view, the board nomination process is insular, conflicted, and unreceptive to shareholder input",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b075-1e4592f890a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.92,
        "x": 0.04,
        "y": 0.31
      },
      "kind": "list",
      "text": "Independent nominees Ashner and Vague were never interviewed\nNomination Committee Chair Sanger would not give an explanation for the rejection of the nominees\nNominating Committee Chair Sanger received over $1.25 million in fees and equity compensation since 2003 from incumbent nominee Kovacevich's company, Wells Fargo\nNominating Committee Chair Sanger also serves on Wells Fargo's compensation committee",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64e25878-6714-4942-b8a2-dd885785276a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.79
      },
      "kind": "paragraph",
      "text": "In our view, the board nomination process is insular, conflicted, and unreceptive to shareholder input",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0610172a-6a46-44a2-bcf7-f201e52635b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.04,
        "x": 0.95,
        "y": 0.55
      },
      "kind": "source-note",
      "text": "Conflict",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f33e1398-3a2e-4e0a-9eb0-804c0b4e38e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Governance: Faulty Nomination Process",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9bea25e6-8d49-4f01-87a4-ba7fbb0f7438",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "76c75480-ce7b-42d3-9df8-09119d64e79a",
      "evidence": "Exposing conflicts of interest and lack of transparency in governance processes.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 31,
      "from": 12,
      "beatId": "87bf877b-4541-414a-9f31-4356a36b3b94",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problems, highlighting the consequences of the board's actions and inactions.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}