{
  "docId": "019dd923-622c-750b-8b9d-1b44c5356381",
  "docSlug": "40ee9cb99aa1",
  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-03-02 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 53,
  "pageCount": 90,
  "prevPage": 52,
  "nextPage": 54,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a contrast-pair framework to highlight management's alleged deception versus the truth.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9d-1b44c5356381/53",
  "deckHref": "/decks/019dd923-622c-750b-8b9d-1b44c5356381",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9d-1b44c5356381.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9d-1b44c5356381#slide-53",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "callout",
      "text": "Huntsman NEEDS strong, capable, and independent nominees that can hold management accountable.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50efa122-11b7-4780-862d-dbf3fa7f47b9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "callout",
      "text": "CHANGE IS NECESSARY",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "589a512c-4100-4996-bc38-72e55f7e6be2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Huntsman management has proven it is more than willing to mislead shareholders.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb94-7034-9dcd-ea01fadb86cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Management has repeatedly attempted to mislead shareholders. While Starboard and its nominees see through these transparent efforts, we believe the Board has unfortunately been fooled due to their pervasive interconnects and lack of experience. Huntsman needs strong, capable, and independent directors that will not be fooled and can hold management accountable.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "38b23bf3-52f8-47d2-be4b-54405daa686a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "paragraph",
      "text": "Huntsman management has proven it is more than willing to mislead shareholders. We believe this is part of a recurring pattern and the Board has been fooled by these same tactics, resulting in a lack of accountability and poor performance. Our strong, capable, and independent director nominees WILL NOT BE FOOLED by Huntsman’s disingenuous tactics.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a508c83-9d0c-4f4c-9cdf-d17a54c7634a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Public company filings. (1) Peers refer to Primary Peers and Performance Peers. See Appendix for a more fulsome discussion on peers.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7684a3a6-7ba1-4b5b-b658-fe2054ed628a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "table",
      "text": "The Truth: Huntsman’s margins have deteriorated relative to peers. Huntsman’s Misleading Tactics: Huntsman claims otherwise by selectively highlighting SG&A ratio – instead of margins – and cherry picking yet another new peer set to fit its desired narrative.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3cba8c6e-b011-434b-beb4-eff9dfed5aad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe Management’s Willingness to Mislead its Board and Shareholders Emphasizes the Dire Need for Change",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a14c404-7759-4def-b2eb-549d8b0970bd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "contrast-pairs",
      "slug": null,
      "matchId": "6838afaa-5897-4610-938d-c148fda4028b",
      "evidence": "The slide explicitly contrasts 'The Truth' with 'Huntsman's Misleading Tactics' in a side-by-side table.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 90,
      "from": 3,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "6400df9c-7000-46ee-ad3c-c2ae51fd8f33",
      "evidence": "The document builds a case against Huntsman's management and governance.",
      "position": 0,
      "objective": "Reveal Huntsman's poor performance and governance",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    },
    {
      "to": 59,
      "from": 47,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "069a73a0-5fee-4758-8ad3-506ea120ab0a",
      "evidence": "Starboard emphasizes the consequences of inaction.",
      "position": 1,
      "objective": "Highlight the risks of not taking action",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}