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  "documentTitle": "Huntsman Corporation (HUN)",
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  "presentationDate": "2022-02-28 00:00:00",
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  "notes": "Uses a contrast-pairs framework to highlight the discrepancy between public rhetoric and internal compensation incentives.",
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      "text": "The Board set a 2015 Adj. EBITDA target for management LOWER than the Company’s 2014 Actual EBITDA despite management telling shareholders that the Company was “on track” to soundly beat its $2.0 billion target",
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      "text": "Quotes from Kimo Esplin and Peter Huntsman expressing confidence in $2B EBITDA targets.",
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      "text": "Adjusted EBITDA: $1,415",
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      "text": "We believe there was a highly concerning inconsistency between how the Board set management’s 2015 Adjusted EBITDA compensation targets and management’s public comments to shareholders.",
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      "text": "“Our LTM is about $1.4 billion. We have an objective to go to $2 billion of EBITDA. Many of our businesses are sort of at that level...But really, on track we think near term to get to that $2 billion of EBITDA.” — Kimo Esplin, CFO, December 2014; “I would say that we should quite soundly beat the projections that we gave for the $2 billion. Again, we still have a great deal of confidence in the $2 billion number...I think that when we look at the overall composite, we still feel very confident about that.” — Peter Huntsman, President & CEO, February 2015",
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      "kind": "source-note",
      "text": "Source: Public company filings, presentations, and transcripts. (1) Pro forma for acquisition of Rockwood’s Performance Additives and Titanium Dioxide business, Adjusted EBITDA reflects contribution from the Rockwood asset as if it had been acquired on January 1, 2014. The acquisition closed on October 1, 2014.",
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      "kind": "title",
      "text": "As an Example, We Believe the Board’s 2015 Adjusted EBITDA Bonus Target Was Incredibly Disingenuous",
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