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  "documentTitle": "Hess Corporation (HES)",
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  "authorName": "Elliott Management",
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  "notes": "The slide uses three distinct charts to highlight poor governance and performance metrics.",
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      "text": "Did John Hess vote against his board's recommendation and against declassification?",
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      "text": "Withholding votes on directors",
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      "text": "Objecting via Say on Pay",
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      "text": "Sources: Company Filings, Factset, ISS Voting Analytics. 1. % of voted shares withheld; Hess estate is assumed to have voted for nominees and is excluded from calculation. 2. Factset SharkRepellent. 3. Hess estate is assumed to have voted against declassification and is excluded from calculation. 4. Hess estate is assumed to support Say on Pay and is excluded from calculation. 5. Other companies did not have say on pay votes; Hess estate is not excluded from calculation. 6. Shareholder returns and market capitalization as of 11/28/12, date before which Elliott began to purchase a substantial amount of stock",
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      "text": "Only 51% support on Hess Say on Pay. 427th out of 450 in S&P 500. 149th out of 156 Energy companies. Average S&P 500 support for \"Say on Pay\" votes in 2012 was 87%. Hess's cumulative CEO compensation over the past 5 years ranks in the 73rd percentile relative to peers, while total shareholder returns over the same 5 year period rank in the 20th percentile.",
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      "text": "39%, 39% and 33% of votes withheld against Brady, Kean and Olson, respectively. 14%, 14%, and 14% of votes withheld against Holiday, Bodman, and von Metzsch. For context, in 2012 the average percentage of votes withheld from a nominee in a non-contested S&P 500 election was 3.7%.",
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      "text": "90+% of outside shareholders voted to declassify the Hess Board in 3 separate votes. Charter/bylaws require 80% of outstanding. In 2008, Board recommended for de-staggering. 246mm shares voted to de-stagger. 76% of outstanding shares. 87% of voting shares. 37 mm shares voted against declassification (John Hess controlled 37mm shares). Did John Hess vote against his board's recommendation and against declassification?",
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      "text": "Say on Pay support: 51%",
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      "text": "Shareholders Have Tried to Hold Hess Accountable",
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