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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "authorName": "Elliott",
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      "text": "To ensure that Crown Castle's management team is properly aligned with shareholders, we are recommending a revised incentive plan that encourages sound capital allocation and bridging the performance gap to industry peers",
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      "text": "01 ADD ROIC GOAL: A critical requirement given the quantum of capital that Crown Castle invests. 02 FIX TSR GOAL: Add component of TSR goal to benchmark performance against American Tower and SBA",
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      "text": "To ensure that Crown Castle's management team is properly aligned with shareholders, we are recommending a revised incentive plan that encourages sound capital allocation and bridging the performance gap to industry peers",
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      "text": "01 NO RETURN ON INVESTMENT GOALS: Crown Castle invests more of its cash flow than any of its peers on capex. Despite the massive capital investments, Crown Castle has no ROI/ROIC metric. Current plan uses only AFFO and EBITDA.",
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      "text": "02 LACK OF AMBITION: Annual targets for EBITDA and AFFO are almost always met. LTIP uses TSR as lone metric; recent change removes peer comparison and sets arbitrary 11.5% goal vs 22% historical peer returns.",
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      "text": "Reclaiming The Crown Plan Recommended Changes",
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      "text": "The Problems with Crown Castle's Current Incentive Plan",
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