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  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "presentationDate": "2013-03-01 00:00:00",
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  "notes": "The slide uses a table to link board members to negative returns and lack of relevant experience, framing them as 'failures'.",
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      "kind": "callout",
      "text": "Never even one independent director with oil & gas operating experience",
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      "text": "Director tenure: 17 year average tenure of non-management directors at retirement. Oil & Gas operating experience: Never even one independent director with oil & gas operating experience. Least independence: Consistently 3 joint-executors of Hess estate served as directors; Continually interlocking director and management relationships. Management directors: Never fewer than 3 directors that are management members at any one time.",
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      "text": "Total Return Over Tenure: (1,022%)",
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      "kind": "source-note",
      "text": "Sources: Company Filings, Bloomberg. 1. Age and tenure calculated as of date of 2013 annual general meeting; Tenure for John Hess shows both as director and as CEO, respectively. 2. Revised Proxy Peers: Anadarko, Apache, EOG, Chevron, ConocoPhillips, Exxon, Marathon, Murphy, Noble, Occidental. Underperformance calculated from 1st day of the year following appointed to the board through 11/28/12, date before which Elliott began to purchase a substantial amount of stock. John Hess calculated from the year he was appointed CEO",
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      "text": "History of Persistent Governance Failures at Hess Calls Into Question Board’s Ability to Nominate New Directors",
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