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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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  "notes": "Uses three bar charts to compare Darden (highlighted in yellow) against a peer group across market cap, revenue, and 3-year TSR.",
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      "kind": "callout",
      "text": "While the Comp Committee uses these much larger, better-performing companies to set exec comp, Darden uses different peers entirely when benchmarking operating performance for shareholders.",
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      "kind": "callout",
      "text": "The peer group that the Board has chosen to compensate management off of does not even pass the smell test",
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      "text": "Rather than obvious peers like Bloomin' or DineEquity, Darden bases its CEO compensation on companies 4-6x its size that aren't even in Darden's industry... Although Darden states in its proxy statement that it uses competitors with between 50% and 200% of Darden's revenues, only 33% of the companies in its proxy “peer” group actually meet this criteria, and only 50% of its peers even fall under Darden's SIC industry code.",
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      "kind": "paragraph",
      "text": "We believe the Board's use of this clearly skewed peer group demonstrates that either the Compensation Committee has very little understanding of Darden's business and competitive environment, or has intentionally tried to inflate management compensation at the expense of shareholders.",
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      "text": "Source: Capital IQ, Darden investor presentations",
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      "text": "The peer group that the Board has chosen to compensate management off of does not even pass the smell test",
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      "text": "The Board inflated management comp by using a cherry-picked peer group",
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