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  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "notes": "Uses a specific director profile (Pat Russo) to exemplify the Board's alleged incompetence.",
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      "kind": "callout",
      "text": "Elliott and the other holders – cumulatively with ~80 million shares – are not naïve",
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      "text": "Elliott would be happy to compare its track record against any of the board members",
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      "text": "Pat Russo: Lead Independent Director, Owner of 3,333 shares of ARNC, Zero (0) open market purchases as a director of Alcoa and Arconic, Alcoa TSR (226%) vs. proxy peers as director, (55%) TSR as CEO of Lucent, Sits on four public company boards, is Chairman or Lead Director on two of them",
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      "text": "In meetings with investors, and in their materials, the Board characterizes Elliott as not understanding the business. We believe that any investor who meets with Elliott and the Board will see in no uncertain terms that we have a vastly better understanding of the business than independent directors of the current Board. Not only have we done exhaustive due diligence, but we have heard from countless employees, customers, competitors and industry observers that our assessment of Arconic and Dr. Kleinfeld is “on the nose”. Furthermore, our slate has more than 80 years of cumulative experience in the aerospace industry, and includes a former named executive officer of the Company. Investors owning more than 80M shares – or 365x the amount of the board – are supportive of change. Are we all less informed than the current board?",
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      "text": "We believe this proxy fight boils down to a simple question: Do you trust the judgment of Elliott, a hedge fund without the benefit of full information and with no fiduciary duty to you or to any other Arconic shareholder, or do you trust 12 experienced business executives who have thoroughly reviewed Elliott’s assertions and unanimously support the continued leadership of Mr. Kleinfeld? We encourage you to rely on the judgment of the Arconic Board, which is independent, objective and thoroughly dedicated to the interests of all Arconic shareholders.",
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      "text": "“We believe this proxy fight boils down to a simple question: Do you trust the judgment of Elliott, a hedge fund without the benefit of full information and with no fiduciary duty to you or to any other Arconic shareholder, or do you trust 12 experienced business executives who have thoroughly reviewed Elliott’s assertions and unanimously support the continued leadership of Mr. Kleinfeld? We encourage you to rely on the judgment of the Arconic Board, which is independent, objective and thoroughly dedicated to the interests of all Arconic shareholders.” — Arconic Board",
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      "text": "Note: Ms. Russo’s share ownership is not inclusive of deferred share units or deferred restricted units",
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      "text": "Elliott would be happy to compare its track record against any of the board members",
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      "text": "Elliott Does Not Understand Arconic",
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