{ "docId": "019de06f-8727-7305-aa8a-0f1cc9311f88", "docSlug": "d34e3ebbefa07bda41cee30322b1331a", "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides", "authorId": "trian-partners", "authorName": "Trian Partners", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2017-09-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 6, "pageCount": 94, "prevPage": 5, "nextPage": 7, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses a 'Company Spin' vs 'The Reality' structure to frame the narrative.", "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de06f-8727-7305-aa8a-0f1cc9311f88/6", "deckHref": "/decks/019de06f-8727-7305-aa8a-0f1cc9311f88", "deckJsonHref": "/decks/019de06f-8727-7305-aa8a-0f1cc9311f88.json", "deckAnchorHref": "/decks/019de06f-8727-7305-aa8a-0f1cc9311f88#slide-6", "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.57 }, "kind": "list", "text": "Currently our analysis is all done from the outside. We are dependent on the Company's public disclosures, which are not fully transparent. In many cases, the Company's public statements seemingly contradict what we have learned", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "41c6f964-a6c2-4408-8ed2-d5fbaad8e897", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.47 }, "kind": "list", "text": "P&G shareholders are NOT choosing between P&G's existing Board/management team, and Nelson Peltz. Neither Trian nor Nelson Peltz have suggested that the CEO be replaced and they are NOT seeking to replace any existing Directors", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7ba34f78-1ecd-4a7a-b8a8-e01beb0097f1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "list", "text": "It is critical that shareholders cut through the noise. Trian is asking that Nelson become 1 of 11 (or 12) on the Board.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8a3b8f50-323b-4c05-be7e-15dd27d76fd1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.39 }, "kind": "list", "text": "Shareholders are deciding whether to elect Nelson Peltz to the existing Board so that, as a Director, he can have full transparency into what is causing P&G's consistent underperformance", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "952e25a8-485b-42bd-8754-d4615d252f27", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.67 }, "kind": "list", "text": "In the coming weeks, we imagine that P&G's army of advisors may try to spin, deflect, and mislead, because they do not want shareholders to focus on P&G's decade-long history of underperformance.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b5ee4bf9-19b8-4de5-8d52-671c3c2bb675", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.81 }, "kind": "list", "text": "It is also important to know Nelson is open-minded to superior ideas and to \"course correcting\" if there is new information that requires it", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f4962baa-60a2-4dd4-aa62-946ec2374680", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "quote", "text": "You are being asked to choose between a Board and management team that are successfully executing a proven plan to build a better and more valuable company, and Mr. Peltz", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "99d35306-9fdf-4127-bd08-998e939a8fec", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: SEC filings.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "87ad8d22-bd66-4aba-89e1-4ada03a3b888", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Why Adding a Shareholder Voice to the Boardroom is Critical", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "34ff2243-1f82-4cda-883d-e4bdc9dd9687", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.05, "y": 0.34 }, "kind": "title", "text": "The Reality", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1bf5d920-c229-4580-a17a-385d8fbce70b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "The Company's Spin", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "640249c1-1d0c-4add-854a-025839eb3510", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "de43dbd5-d03b-44ad-90e1-0078e47fa656", "evidence": "Contrasting CEO quote with activist reality check", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }