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  "docSlug": "48a8cbf2f1d7",
  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-11 00:00:00",
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  "pageNumber": 246,
  "pageCount": 336,
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  "nextPage": 247,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
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  "notes": "Uses a screenshot of a proxy statement and multiple callout boxes with quotes from proxy advisory firms to argue against a specific nominee.",
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  "metadataConfidence": 1,
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      "kind": "callout",
      "text": "And \"Substantial\" Conflicts of Interest",
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    {
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      "kind": "callout",
      "text": "If the person [Lead Director] is not independent or lacks substantive duties, the position is simply cosmetic.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
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      "kind": "image",
      "text": "Arconic 2017 Proxy Statement excerpt",
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      "kind": "list",
      "text": "Glass Lewis and ISS quotes regarding board independence and interlocks.",
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      "kind": "list",
      "text": "NEI Investments quote regarding Pat Russo's lack of independence.",
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      "kind": "quote",
      "text": "“CEOs or other top executives who serve on each other’s boards create an interlock that poses conflicts that should be avoided to ensure the promotion of shareholder interests above all else” — Glass Lewis 2017 Proxy Paper Guidelines; “While many companies have an independent lead or presiding director who performs many of the same functions of an independent chair (e.g., setting the board meeting agenda), we do not believe this alternate form of independent board leadership provides as robust protection for shareholders as an independent chair.” — Glass Lewis 2017 Proxy Paper Guidelines; “If the person [Lead Director] is not independent or lacks substantive duties, the position is simply cosmetic.” — ISS 2016 U.S. Proxy Voting Manual; “One particular relationship that should raise a red flag is when the CEO of company A sits on the compensation committee of company B whose CEO is a director of company A or the converse. ISS typically categorizes such directors as affiliated outsiders.” — ISS 2016 U.S. Proxy Voting Manual; “The nominee [Russo] is an incumbent member of the nominating committee and the chair of the board is not independent. The nominee is an incumbent member of the compensation committee and the ratio of CEO compensation to compensation of the average named executive officer is inequitable. The nominee sits together on more than one board with another director. The nominee sits on five or more public company boards..” — NEI Investments 2015 Proxy Voting Report",
      "attrs": null,
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      "kind": "source-note",
      "text": "Source: Arconic's 2017 Proxy Statement",
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      "kind": "title",
      "text": "No Accountability: \"Cosmetic\" Independence",
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      "evidence": "Focuses on specific nominee (Pat Russo) as the target of the critique.",
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      "evidence": "Exposes the contradiction between the company's claims and external governance standards.",
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