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  "docSlug": "71f980c94b7e",
  "documentTitle": "Canadian Pacific Railway (CP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-02-06 00:00:00",
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  "pageNumber": 81,
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  "notes": "This slide frames the board's deficiencies as a justification for activist intervention.",
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  "components": [
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      "kind": "callout",
      "text": "Added only after Pershing Square's involvement, despite significant operating underperformance",
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      "kind": "list",
      "text": "Railroad expertise\nAdded only after Pershing Square’s involvement, despite significant operating underperformance\nShareholder representation\nRestructuring expertise\nEntrepreneurial culture\nCulture of equity ownership and shareholder value creation",
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      "kind": "title",
      "text": "What Does the Board Need?",
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      "evidence": "Proposal for Hunter Harrison as CEO and plan for transformation",
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