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  "notes": "The chart is a scatter plot comparing TSR performance across two time periods, with Alcoa highlighted as an underperformer.",
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      "text": "[Dr.] Klaus Kleinfeld serves as both the CEO and chairman. The combined role is increasingly discouraged by investors...",
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      "text": "\"[Dr.] Klaus Kleinfeld serves as both the CEO and chairman. The combined role is increasingly discouraged by investors believing instead that the separation of these roles provides more effective board oversight. As an enhanced safeguard, the company has individual designated Patricia Russo as the Lead Director. However, Ms. Russo is overboarded, serving as Lead Director of GM, chairman of Hewlett Packard Enterprise (HPE), and is a director at Merck & Co. This calls into question the time she has available to lead the independent directors. Another issue is the fact that Chairman and CEO [Dr.] Klaus-Christian Kleinfeld, who is also overboarded, serves on the board of HPE with Ms. Russo. This can make it difficult for the lead director to act independently.\" — MSCI ESG Research, Inc., December 19, 2016",
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      "text": "Source: Bloomberg; Note: End date for TSR is October 31, 2016; S&P 500 companies as of October 31, 2016",
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      "text": "TSR Since Re-Combining Chairman & CEO Positions vs. Proxy Peers (123.4%) vs. Industrials Proxy Peers (144.1%) vs. Materials Proxy Peers (98.8%) vs. Aluminum Peers 2.5 vs. S&P 500 (127.6%)",
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