{
  "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": 72,
  "pageCount": 96,
  "prevPage": 71,
  "nextPage": 73,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a specific 'Independent Peer Group' to expose the discrepancy in AOL's compensation benchmarking.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-3e34-7498-b7ab-93d3124b7448/72",
  "deckHref": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448",
  "deckJsonHref": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448.json",
  "deckAnchorHref": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448#slide-72",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.73
      },
      "kind": "callout",
      "text": "While executive compensation is important, the failure by the Board to approve an appropriate peer group, despite continued concerns from both ISS and Glass Lewis, is indicative of a much larger problem – a Board that does not appear to exercise proper oversight over the policies and procedures of the Company.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f63876ad-e14c-4cdc-87a4-4983048f8dec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.87,
        "x": 0.08,
        "y": 0.38
      },
      "kind": "list",
      "text": "This has resulted in executive compensation at AOL that is approximately 3.4 times the median compensation of an appropriate peer group that fits within the guidelines recommended by both ISS and Glass Lewis, despite poor absolute and relative stock price and financial performance.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4082503b-38ff-44de-96b1-a6aa7e264588",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.87,
        "x": 0.08,
        "y": 0.26
      },
      "kind": "list",
      "text": "Despite concern from ISS on pay for performance and Glass Lewis on peer group selection, AOL has consistently chosen a peer group comprised of some of the world’s largest companies, many of which seem to not only be outside of the range recommended by these leading independent proxy advisory firms, but also appear not to be comparable businesses.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e25f6637-d6f5-45f0-83f7-e2ab3ed0273b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.9,
        "x": 0.05,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "We believe that determining the right peer group at any company is critical because it represents the foundation upon which compensation planning and relative performance is measured.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "100122b8-7666-4cf5-b313-a1bf5fe99cf7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.05,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Footnotes 1-5 detailing methodology and peer group constituents.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d04e69b-f25d-4f6e-9aba-fd30d21462bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.54,
        "x": 0.23,
        "y": 0.44
      },
      "kind": "table",
      "text": "CEO and CFO Total Compensation 2009-2011 table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0baa79ea-c919-463b-b56a-26a3926f22d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "We believe AOL’s compensation peer group and pay for performance practices are unacceptable",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "601fde5b-ec12-47bf-a483-673297f64d31",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "084bfeb1-b138-4e69-8260-4990fae07d65",
      "evidence": "Comparing AOL's compensation against an 'Independent Peer Group' to highlight a gap.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}