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  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "presentationDate": "2013-04-15 00:00:00",
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  "notes": "The slide uses a series of pull-quotes to build a narrative of long-term governance failure.",
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      "text": "Hess' executive compensation received a D grade in our proprietary pay-for-performance model.",
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      "text": "Glass Lewis Compensation Score: D",
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      "kind": "quote",
      "text": "Our analysis finds that the Company has not adequate linked executive compensation with performance... especially due to the lack of transparency in the Company's overall disclosure.",
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      "text": "The Company has been deficient in linking executive pay to corporate performance in the past year.... A properly structured pay program should motivate executives to drive corporate performance.",
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      "text": "While the compensation committee has made some changes to the executive compensation program... it is not clear that these will improve the significant historical pay-for-performance misalignment.",
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      "text": "ISS quantitative analysis indicates that CEO pay significantly outranked peer companies within similar sector and size ranges, while 1- and 3-year TSRs were at or near the bottom ranking of the same peer group.",
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      "text": "\"ISS' quantitative analysis indicates that CEO pay significantly outranked peer companies within similar sector and size ranges, while 1- and 3-year TSRs were at or near the bottom ranking of the same peer group. Specifically, relative TSR performance has been at the lower end of the bottom quartile of peers while CEO pay has been in the top quartile.\" — ISS Proxy Advisory Services, Hess Core Report 2012",
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      "text": "Sources: ISS Proxy Services and Glass Lewis",
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      "text": "Glass Lewis Historical Hess Compensation Score: 2006(C), 2007(D), 2008(C), 2009(C), 2010(D), 2011(D), 2012(D)",
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      "kind": "title",
      "text": "... And Misaligned Compensation Has Persisted for Years",
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