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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 85,
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  "nDataPoints": 12,
  "notes": "The slide uses a comparison of 5-year and 10-year TSR vs. bonus payouts to demonstrate misalignment.",
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      "kind": "callout",
      "text": "Management received 132% of their target bonus in 2017, despite P&G losing market share and generating EPS growth in the bottom 1/3rd of peers",
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      "text": "2017: Transformation factor boosted the annual bonus by 15%... 2016: Transformation factor boosted the annual bonus by 30%...",
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      "text": "Furthermore, in 2016, P&G added a “Transformation Factor” to the annual bonus calculation, allowing the Board to subjectively increase management’s annual bonus",
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      "text": "As a result of steadily declining financial targets, management has been paid out approximately 100% of their annual target bonus over the past 5 and 10 years, even with weak operating results and near worst-in-class TSR",
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      "kind": "source-note",
      "text": "Source: Company proxy statement, SEC filings. Average bonus payout percentages reflect average payouts to all named executive officers during the relevant period.",
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      "text": "5-Year TSR vs. Annual Bonus Payout and 10-Year TSR vs. Annual Bonus Payout data table",
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      "text": "Management Has Received Generous Bonuses Despite Poor Results",
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