{
  "docId": "019dd923-622c-750b-8b9c-3c8a15220fd2",
  "docSlug": "348f49356270",
  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-04-15 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 149,
  "pageCount": 161,
  "prevPage": 148,
  "nextPage": 150,
  "slideType": "testimonial",
  "function": "cite_precedent",
  "density": "dense",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "quote_block",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-3c8a15220fd2/149",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2#slide-149",
  "components": [
    {
      "bbox": {
        "h": 0.85,
        "w": 0.22,
        "x": 0.66,
        "y": 0.08
      },
      "kind": "quote",
      "text": "The Elliott approach makes sense for Hess shareholders. It's a straightforward and objective incentive plan that clearly connects the interests of independent nominees with the interests of shareholders.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "062b6cb6-0a0c-42f0-987d-3434ade68502",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.85,
        "w": 0.22,
        "x": 0.42,
        "y": 0.08
      },
      "kind": "quote",
      "text": "Hess has portrayed these bonuses as somehow objectionable...it is difficult to see the merit in management's arguments.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22452e1f-62d0-4c87-97f1-bb550520ed74",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.85,
        "w": 0.22,
        "x": 0.18,
        "y": 0.08
      },
      "kind": "quote",
      "text": "We understand from reading their proxy statement that any continuing agreement between Elliott and their nominees will be purely executory and such nominees will not owe any duty or allegiance to Elliott.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64b4cf2d-c02a-4623-8585-016da7b89e20",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"We understand from reading their proxy statement that any continuing agreement between Elliott and their nominees will be purely executory and such nominees will not owe any duty or allegiance to Elliott. Moreover, we find that the compensation provided by Elliott to their nominees is consistent and comparable to that of the company's continuing directors; specifically, continuing directors have similar upside potential on historical share grants received during their tenure as directors. We believe Elliott's nominees and your continuing directors are all compensated in a manner consistent with their fiduciary duties to all the shareholders.\" — David H. Batchelder, Hess shareholder, Relational Investors LLC; \"Hess has portrayed these bonuses as somehow objectionable...it is difficult to see the merit in management's arguments. The bonuses seem surgically tailored to tie the payoff to Hess's stock price performance compared to competitors. That is intended to align the interests of those directors with those of the company's shareholders. Elliott makes the promise at the outset and then has no role to play afterwards, other than to pay up if milestones are met. No one is beholden to Elliott and the independence of those directors is not compromised.\" — Lawrence A. Cunningham, Professor, George Washington University Law School; \"The Elliott approach makes sense for Hess shareholders. It's a straightforward and objective incentive plan that clearly connects the interests of independent nominees with the interests of shareholders over the medium and long term. This kind of approach lends itself to allowing these nominees, if elected, to focus on independent decision-making and fulfilling their fiduciary obligations on behalf of shareholders.\" — Randall Thomas, Professor, Vanderbilt Law School",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d3-71df-9934-83d71bacaaf7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.3,
        "x": 0.12,
        "y": 0.15
      },
      "kind": "title",
      "text": "Nominee Compensation Endorsed By Shareholders and Governance Experts",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c24bcbcd-52fa-401c-b9ce-4a0dd15bb4f8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "05fc34e8-9327-4125-a320-962e3139ce93",
      "evidence": "Use of expert and shareholder quotes to validate the nominee compensation plan.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}