{
  "docId": "019dd923-622c-750b-8b9b-682113a1d2ba",
  "docSlug": "71f980c94b7e",
  "documentTitle": "Canadian Pacific Railway (CP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-02-06 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 77,
  "pageCount": 112,
  "prevPage": 76,
  "nextPage": 78,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a red circle and dashed arrow to highlight the reduction in ROCE targets between the two periods.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-682113a1d2ba/77",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-682113a1d2ba",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-682113a1d2ba.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-682113a1d2ba#slide-77",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.2,
        "x": 0.72,
        "y": 0.55
      },
      "kind": "callout",
      "text": "Reduced ROCE targets ~200bps",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b5254a6f-7954-4257-841f-29814904ecc0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Performance targets are lowered in the face of underperformance",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1b-7682-84a4-88b2929a52a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Pre-tax ROCE: 200bps",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1b-7682-84a4-8f4e0d70d824",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: CP Proxy Circular, May 2011.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "66473cc6-04ec-4faa-a16b-35d4a234f9d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.26
      },
      "kind": "table",
      "text": "2009 Performance Share Units – Targets table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db8e815f-d0a9-42fb-8c88-ae2aedc5f25e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.62
      },
      "kind": "table",
      "text": "2010 Performance Share Units – Targets table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e008b1a8-f590-4767-9b02-02317bdb70c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "title",
      "text": "Performance targets are lowered in the face of underperformance",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8fa1980-3e53-4524-8044-110d38ee451d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Has the Board Set Proper Targets and Compensation?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a0895daf-da54-497c-819d-b5a1d44df71e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "a0b82b36-1eea-4a1b-a257-69f32a338f4c",
      "evidence": "The slide explicitly contrasts two sets of targets to demonstrate a failure in governance.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 80,
      "from": 61,
      "beatId": "987352ca-5585-42e7-98c0-18e4a45be0fb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Proposal for new leadership and solution",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 90,
      "from": 70,
      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "b62b02d8-c4c0-4aa4-80a1-3b9a0c26b496",
      "evidence": "Proposal for Hunter Harrison as CEO and plan for transformation",
      "position": 1,
      "objective": "Present a clear alternative solution and leadership",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.8,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}