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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-09-11 00:00:00",
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      "kind": "callout",
      "text": "3 of the 4 incumbent nominees are from the Compensation Committee!",
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      "text": "Darden maintains shareholder-unfriendly corporate governance provisions: Action by written consent prohibited; 50% threshold for special meetings; 66 2/3% supermajority for removal; Poison pill at 15%.",
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      "text": "The board has not provided sufficient oversight to the CEO; CEO attended 76 outside board meetings, missing ~30% of working days.",
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      "text": "For more than 10 years, the Board incentivized management to overspend for growth; $6.7 billion spent on capex/acquisitions during Mr. Otis' tenure.",
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      "text": "Glass Lewis gave Darden a 'D' in executive compensation, noting a deficiency in linking pay to performance.",
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      "text": "Darden’s governance has been widely considered appalling, and that was before the Board’s egregious violation of shareholder trust in ignoring a clear directive from shareholders calling for a special meeting and selling Red Lobster without a shareholder vote.",
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      "text": "The Company has been deficient in linking executive pay to corporate performance...[and] Shareholders should be concerned with this disconnect — Glass Lewis 2013 Proxy Paper",
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      "text": "Darden has a long history of disregarding shareholders’ interests...",
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