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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "The slide uses a 'cat and mouse game' narrative to frame management's actions as performative rather than genuine.",
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      "kind": "callout",
      "text": "Under the current CEO, Alcoa has a history of failed efforts to expand shareholder rights. After 2012 the Company abandoned its \"efforts\" to improve corporate governance",
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      "kind": "callout",
      "text": "This was the proposal that initiated Alcoa's apparent cat and mouse game of what we believe was a disingenuous effort to improve corporate governance",
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      "text": "Commentary on proxy solicitation effectiveness and management's disingenuous efforts",
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      "text": "Source: Institutional Shareholder Services; Bloomberg. Note: Total shareholder return relative to Company Proxy Peer median",
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      "text": "Chronological list of shareholder proposals from 2009-2012 with Mgmt Rec, ISS Rec, % for Voting, and % for O/S",
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      "text": "Frustrating Shareholder Rights: Disingenuous Efforts",
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