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  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2014-07-01 00:00:00",
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  "notes": "Uses ISS data to critique executive pay-for-performance.",
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      "text": "Based on ISS executive compensation analysis, only 13% of David Pyott’s total compensation in 2013 was tied to performance. ISS recently cautioned that the CEO's level of long-term incentive compensation was high relative to peers and was not conditioned on specific performance goals.",
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      "text": "By contrast, 68% of Valeant CEO Michael Pearson’s total compensation in 2013 was performance-based incentive pay",
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      "text": "In 2013, David Pyott received total compensation of $14.1 million while delivering 1-year TSR of 21.3%, in a year in which the S&P 500 TSR was 32.4%. The median total compensation received by CEO's in Allergan's proxy peer group was $14.5 million while delivering 1-year TSR of 65.8%.",
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      "text": "By contrast, Michael Pearson received total compensation of $7.0 million while delivering 1-year TSR of 96.4%, nearly three times the TSR of the S&P 500",
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      "text": "Source: 2014 ISS reports of Allergan and its peer group as defined by the company in its proxy statement dated March 26, 2014.",
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      "text": "Allergan’s Poorly Designed Executive Compensation Program",
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