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  "documentTitle": "Trian Partners | Activist Presentation Deck | 42 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "The slide highlights a specific failure of a 2018 shareholder proposal due to turnout issues.",
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      "kind": "callout",
      "text": "A 2018 shareholder proposal to declassify PPG’s Board received overwhelming support (99% of votes cast in favor), but insufficient voter turnout resulted in the proposal’s failure... a greater effort should be made to reach retail investors(1)",
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      "kind": "paragraph",
      "text": "PPG has a corporate governance structure that affords shareholders few rights, placing it out of step with the S&P 500",
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      "kind": "source-note",
      "text": "Source: Company SEC filings; S&P 500 market data from FactSet Shark Repellent.net (1) Proposals to amend the Company’s Articles of Incorporation to declassify the Company’s Board require approval from 80% of all outstanding shares; however, only 74% of shareholders voted on the 2018 proposal (excluding broker non-votes).",
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      "kind": "table",
      "text": "Shareholder Right | % of S&P 500 With Right | PPG? | Annual Election of Directors | 89% | X (PPG has classified board) | Ability to Call Special Meeting | 64% | X (No right to call meeting or act by written consent) | Ability to Remove Directors w/ Majority Vote | 84% | X (80% supermajority required to remove directors)",
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      "kind": "title",
      "text": "4. ESG: Bring PPG’s Corporate Governance Up to Par with S&P 500",
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      "evidence": "Slides 29-42 present Trian's recommendations, including separation, improved capital efficiency, and enhanced corporate governance.",
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