{
  "docId": "019de06f-55b4-734a-a2e3-c1019ed629b5",
  "docSlug": "42b17c6fff3e2006bf9fc5d84bd6edcc",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management, L.P.",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-07-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2955465,
  "pageNumber": 24,
  "pageCount": 120,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses red text to highlight negative governance metrics and specific failures.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-55b4-734a-a2e3-c1019ed629b5/24",
  "deckHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5",
  "deckJsonHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5.json",
  "deckAnchorHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5#slide-24",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.92,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "callout",
      "text": "This May, ISS awarded Allergan a governance QuickScore of 8, indicating a HIGH POSSIBLILITY OF GOVERNANCE RISK(1)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f10f7b52-a568-4b8a-9083-ba3f168acea0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.07,
        "y": 0.75
      },
      "kind": "list",
      "text": "Shareholder rights (9 /10)\nThe company has a poison pill in effect with a 10% trigger threshold\n25% of share capital is needed to convene a special meeting or act by written consent\nThere are material restrictions on shareholders' right to call special meetings or act by written consent",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e0c360e-2dfd-44ff-ba6f-6cd4930dd544",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.07,
        "y": 0.31
      },
      "kind": "list",
      "text": "Board structure (10 /10)\nThe board did not adequately address a shareholder proposal supported by the majority of shares voted\nISS recommended AGAINST the re-election of Mr. Gallagher for failing to implement the 2013 shareholder proposal\n8 of 9 of directors received shareholder approval rates below the average (95%) level\n3 directors received below 90% of the vote\n3 of 8 of the non-executive directors on the board have lengthy tenure\nThe roles of Chairman and CEO have not been separated",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f94de46a-c5ae-4da6-8941-9c521453b318",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.04,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Institutional Shareholder Services. (1) May 28, 2014 ISS Governance QuickScore Profile.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "194c73c1-8cf0-4b54-8f46-455848aa6eff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.75,
        "x": 0.04,
        "y": 0.05
      },
      "kind": "title",
      "text": "ISS Has Identified a High Possibility of Governance Risk at Allergan",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73fe9e33-4be3-4d43-ab32-5094c2ec41df",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 24,
      "from": 9,
      "beatId": "bf928945-d71f-4324-9c3e-615807756058",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Complication",
      "beatSlug": "complication",
      "evidence": "The document highlights Allergan's poor corporate governance and questionable business practices",
      "position": 0,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}