{
  "docId": "019dd923-622c-750b-8b9c-37eb478b579f",
  "docSlug": "43bbd9fb77dc",
  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 43,
  "pageCount": 71,
  "prevPage": 42,
  "nextPage": 44,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "Uses a red dashed box to highlight a conflict of interest regarding the Lead Independent Director.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-37eb478b579f/43",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-37eb478b579f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-37eb478b579f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-37eb478b579f#slide-43",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.2,
        "x": 0.75,
        "y": 0.74
      },
      "kind": "callout",
      "text": "Lead “Independent” Director AND Joint Executor of Hess Estate",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fc0055fc-95b0-456e-9675-c3ca7535c09f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Lead \"Independent\" Director AND Joint Executor of Hess Estate",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb97-7552-b569-eaf70506fef0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.08,
        "x": 0.3,
        "y": 0.26
      },
      "kind": "diagram",
      "text": "Arrows pointing from nominees to current board",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f26eb381-f289-498b-9f4d-28e6320877d2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.28,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "list",
      "text": "William Schrader\nJohn Krenicki Jr.\nDr. Kevin Meyers\nDr. Mark Williams\nFrederic Reynolds\nJohn Quigley",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34401f3c-9be5-400a-baed-e8d655b1e505",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.3,
        "x": 0.4,
        "y": 0.65
      },
      "kind": "metric",
      "text": "Average Tenure: 14 years",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82e1f988-f99e-4bb2-8072-57a93e81d74c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.3,
        "x": 0.4,
        "y": 0.74
      },
      "kind": "metric",
      "text": "Upstream Oil & Gas Operating Experience: None",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98b1718d-8270-4553-b7a5-56a44439666d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.3,
        "x": 0.4,
        "y": 0.83
      },
      "kind": "metric",
      "text": "Restructuring Experience: None",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8f408b3-ca5d-491c-a321-ca9c3d555606",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Tenure: 14 years",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb97-7552-b569-ec9df13002d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.1,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Sources: Company Filings, Bloomberg",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c7a8cda4-3af7-473e-8746-789280078229",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.56,
        "x": 0.39,
        "y": 0.21
      },
      "kind": "table",
      "text": "Name, Age, Return Over Tenure, Tenure, Background",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a03c2e33-07e3-4a60-bd54-4e55de5e4fd0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.79,
        "x": 0.105,
        "y": 0.115
      },
      "kind": "title",
      "text": "Here’s A Thought: Let Management Nominees Replace Remaining Directors",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "177103cb-20be-4181-8aee-a4781751d987",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.28,
        "x": 0.615,
        "y": 0.175
      },
      "kind": "title",
      "text": "“No Sacred Cows”(2)",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b7bacc00-dca0-4781-bbfe-05cf917a5a1f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.28,
        "x": 0.05,
        "y": 0.00175
      },
      "kind": "title",
      "text": "Hess’s “World Class Leaders”(1)",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed840209-bf22-41eb-a4f1-5dbb674a2a42",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "a5f2fcc4-488f-483c-ac7c-2a965c5225af",
      "evidence": "Highlights specific board members as 'sacred cows' with conflicts of interest.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 59,
      "from": 33,
      "beatId": "0f29d29f-cd13-41b4-9dee-478bf0a3d295",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Elliott Management presents its recommendations for change and the benefits of increased accountability.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 70,
      "from": 10,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "85bccce2-ca46-412f-9f7f-9f34f493fcd2",
      "evidence": "The document repeatedly emphasizes the consequences of not implementing substantial changes.",
      "position": 0,
      "objective": "The cost of inaction (lack of accountability) is highlighted throughout the presentation.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    },
    {
      "to": 69,
      "from": 14,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "6f974f5d-2a31-4b3a-a651-08be791c3818",
      "evidence": "The document uses various tables and charts to illustrate the points being made.",
      "position": 1,
      "objective": "The presentation provides a detailed breakdown of the issues and proposed solutions.",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.6,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}