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  "docSlug": "71f980c94b7e",
  "documentTitle": "Canadian Pacific Railway (CP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2012-02-06 00:00:00",
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  "notes": "Uses red circles to draw attention to the discrepancy in performance targets between the two companies.",
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      "kind": "callout",
      "text": "CP's performance targets are meaningfully lower than CN's",
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      "text": "ROCE: 8.4%",
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      "kind": "paragraph",
      "text": "CP's measure is pre-tax, CN's measure is after-tax",
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      "text": "Source: CP Proxy Circular, May 2011. CN Proxy Circular, April 2011.",
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      "text": "Performance Objective: Average ROIC. Objectives: 10.5% (50% vesting), 11.5% (100% vesting), 12.5% (125% vesting), 13.5% (150% vesting).",
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      "text": "Performance Period: 2010-2012. Threshold: 7.5% ROCE, -2% TSR. Target: 8.4% ROCE, 0% TSR. Exceptional: 11.2% ROCE, 4% TSR.",
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      "kind": "title",
      "text": "Has the Board Set Proper Targets and Compensation?",
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      "text": "CN's 2010 Restricted Share Units – Targets",
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