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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "notes": "The slide uses a combination of bar charts to show that targets are consistently met (EBITDA/AFFO) while ROIC significantly lags behind peers.",
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      "text": "This suggests that the compensation committee is not establishing challenging goals",
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      "text": "There are two concerning aspects of Crown Castle's annual incentive plan: 1. Crown Castle's targets for 100% payout are almost always met... 2. More importantly, the annual incentives do not take into consideration any metric associated with generating returns...",
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      "text": "Source: Company financials and MoffettNathanson research. Market data from Bloomberg as of June 29, 2020.",
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      "text": "2. Optimized Incentive Plan",
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