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  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2022-02-28 00:00:00",
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  "notes": "The slide uses a bar chart to highlight a governance failure where the company benchmarks against lower-performing peers to make compensation targets easier to hit.",
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      "kind": "callout",
      "text": "Huntsman is STILL LOWER than the Performance Peers!",
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      "text": "When determining long-term compensation awards, Huntsman compares itself to peers that perform 2X WORSE than the peers used to benchmark the CEO's base salary!",
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      "text": "TSR Comparison (3 Years Prior to Starboard's Involvement)",
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      "text": "TSR: 47%",
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      "kind": "paragraph",
      "text": "Management's long-term incentive bonuses are determined by Huntsman's performance relative to Performance Peers. However, Performance Peers have meaningfully lower historical TSR than the Proxy Peers used to benchmark the CEO's base salary.",
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      "text": "Source: Public company filings and Bloomberg. (1) TSR measured from September 27, 2018 to September 27, 2021. (2) Excludes those peers which were not public for the entire measurement period.",
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      "kind": "title",
      "text": "The Board appears to have set a low bar to determine if management is eligible for long-term equity bonuses.",
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      "text": "Notably, Performance Peers Used For Long-Term Compensation Have Performed 2X Worse than Proxy Peers",
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