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  "documentTitle": "Hess Corporation (HES)",
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  "authorName": "Elliott Management",
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      "text": "Director tenure: 17 year average tenure of non-management directors at retirement; No effort to ever refresh the Board: last retirement of non-management director was in 2003.",
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      "text": "Staggered Board: Multiple attempts by Shareholders to destagger Board likely blocked by John Hess. Compensation: Management and directors awarded $540 million while underperforming peers by 460%; $8 million paid directly to Board members by CEO's family estate.",
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      "text": "Least independence: Consistently 3 joint-executors of Hess estate served as directors; Continually interlocking director and management relationships; Never fewer than 3 directors that are management members at any one time.",
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      "text": "Oil & Gas operating experience: Never even one independent director with oil & gas operating experience.",
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      "text": "Sources: Company Filings, Bloomberg. 1. See slide 46. 2. See slide 50. 3. See slide 49.",
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