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  "documentTitle": "American Capital, Ltd. (ACAS)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2015-11-16 00:00:00",
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  "notes": "Uses a table to expose the lack of investment experience across the board, framing it as a root cause of poor oversight.",
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      "kind": "callout",
      "text": "A new course for ACAS cannot be charted without Directors with relevant expertise, new perspectives and an active approach to creating shareholder value",
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      "text": "ACAS' Board, with an average tenure of 15 years (versus the S&P 500 average of 8.4(1)) lacks the relevant experience to govern the behavior of the investment team and hold Management accountable",
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      "text": "(1) Spencer Stuart Board Index 2014",
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      "text": "Directors Lack Qualifications to Oversee Management",
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