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  "documentTitle": "Arconic Inc. (ARNC)",
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      "text": "Arconic's reactive governance changes - after we launched our proxy contest - serve as an admission of guilt, in our view, and we believe the current board will not necessarily follow through as needed",
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      "text": "The Board had ample time and opportunity under Dr. Kleinfeld's leadership to address Arconic's corporate governance practices, including its classified board structure and supermajority shareholder approval requirements. Notably, Arconic could have sought to enhance its corporate governance in connection with the Separation by following suit with New Alcoa's Delaware incorporation (rather than Pennsylvania), annually elected board of directors, majority voting requirements and separated Chairman and CEO structure. The Board acknowledges that these governance changes could be achieved through a Delaware reincorporation (which would not require supermajority approval) but chose not to take that path. Search to fill a board vacancy did not commence until after Elliott launched its proxy contest. David Hess replaced Martin Sorrell, who only attended 63% of Arconic's board meetings in 2016 (which would have resulted in an automatic AGAINST recommendation by major proxy advisors). Furthermore, WPP, which Mr. Sorrell owns a significant stake in, was compensated for the wasteful Jetsons marketing campaign",
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      "text": "If Arconic's board is so 'uniquely positioned' to steer the company in the right direction, why did it wait until after Elliott raised some of these issues to do something about them? Alcoa seems to have found the time to improve its corporate governance following the split in November.",
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      "text": "If Arconic's board is so ‘uniquely positioned’ to steer the company in the right direction, why did it wait until after Elliott raised some of these issues to do something about them? Alcoa seems to have found the time to improve its corporate governance following the split in November. — Brooke Sutherland, Bloomberg, March 6, 2017",
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      "text": "Poor Governance: Failed Window-Dressing",
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