{
  "docId": "019de06f-3e34-7498-b7ab-93d3124b7448",
  "docSlug": "86d8f17ffaaed8be61f8b36e2c739da4",
  "documentTitle": "Starboard Value | Activist Presentation Deck | 96 slides",
  "authorId": "starboard-value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 63,
  "pageCount": 96,
  "prevPage": 62,
  "nextPage": 64,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The chart uses a broken axis for the Y-axis (Revenue) and X-axis (Market Cap) to accommodate outliers like Microsoft and Google.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-3e34-7498-b7ab-93d3124b7448/63",
  "deckHref": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448",
  "deckJsonHref": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448.json",
  "deckAnchorHref": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448#slide-63",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.1,
        "y": 0.8
      },
      "kind": "callout",
      "text": "The changes AOL made to its peer group in 2011 have done nothing, in our view, to address the concerns of either ISS or Glass Lewis.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f004c956-b4c3-46de-936b-43a09768db48",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.55,
        "x": 0.36,
        "y": 0.21
      },
      "kind": "chart",
      "text": "Scatter plot of peer group companies by Market Cap and Revenue",
      "attrs": null,
      "subkind": "scatter",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f44cdaf4-4e1d-42dc-a0cd-382386972e35",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.08,
        "y": 0.24
      },
      "kind": "list",
      "text": "AOL changed its Peer Group in 2011, yet it was comprised of companies with average market caps and revenue that were 19.1x and 5.6x greater than AOL's, respectively, which were even higher than the comparable 2010 metrics. Further, only 2 of the 18 companies in AOL's peer group fell within both ISS and Glass Lewis best practices.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fc9021f0-c2fc-4cdf-80aa-a448f8baa28d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "(1) AOL 2011 Proxy Peer Group... (2) Based on ISS guidelines...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "132608e9-0596-4046-8325-fe36af84b53c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.35,
        "x": 0.07,
        "y": 0.6
      },
      "kind": "table",
      "text": "AOL 2011 Peer Group: Mean 19.1x 5.6x; Median 8.3x 2.1x; ISS Guidelines 0.2x to 5.0x 0.45x to 2.1x; Glass Lewis Guidelines 0.5x to 2.0x",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50272199-5086-4aa6-ac3d-594d9784d8ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.08,
        "y": 0.08
      },
      "kind": "title",
      "text": "Despite concerns expressed by ISS and Glass Lewis on compensation, AOL's 2011 Peer Group selection still violates best practices",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3d1d8435-bb38-4ac0-bfd9-231d592ab6d9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "peer-benchmark",
      "slug": null,
      "matchId": "b4cfe0cf-6402-4f74-9c0b-b1dabd76adcd",
      "evidence": "Comparison of AOL's peer group against ISS and Glass Lewis guidelines",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}