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  "documentTitle": "Huntsman Corporation (HUN)",
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  "presentationDate": "2022-03-08 00:00:00",
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  "notes": "Uses a case study format to preemptively rebut claims about Starboard's lack of chemical industry experience.",
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      "kind": "callout",
      "text": "Starboard engaged with Corteva to help identify individuals with highly relevant industry expertise that could help the Board diversify its perspectives and better hold management accountable.",
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      "text": "Background on Starboard's Engagement with Corteva",
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      "text": "Huntsman is attempting to mislead shareholders regarding Starboard's engagement with companies in the chemical industry. We believe Starboard's most recent chemical-related investment in Corteva, Inc. (\"Corteva\") demonstrates how new Board perspectives and a greater culture of accountability can create significant shareholder value.",
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      "kind": "source-note",
      "text": "Source: Public company filings.",
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      "text": "What Does Corteva Do? Corteva is one the world's largest agricultural sciences companies, and produces both seeds and crop protection chemicals. When Did Starboard Get Involved With Corteva? Starboard presented Corteva as a best idea at the annual 13D Monitor Active-Passive Investor Summit in October 2020. In January 2021, Starboard publicly nominated eight directors for the 2021 Annual Meeting and subsequently settled to appoint three independent directors to the board. Why Did Starboard Choose to Engage with Corteva? Poor Financial Performance: At the time of Starboard's engagement, Corteva's Adjusted EBITDA margins were significantly below its closest peers, and despite claiming to have realized significant cost synergies, both Adjusted EBITDA and margins had remained flat for multiple years. Lack of Accountability: Prior to Starboard's involvement, Corteva had experienced multiple downward earnings revisions and missed promises regarding synergy capture and currency hedging that we believe had eroded the Company's credibility with both Wall Street analysts and shareholders.",
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      "kind": "title",
      "text": "Huntsman Conveniently Ignores Starboard's Most Recent Chemicals Investment in Corteva",
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