{
  "docId": "019de072-4039-708a-bf30-dfedd780cec6",
  "docSlug": "dc492b7311dc8eb1e227f4d0136aa0f5",
  "documentTitle": "ValueAct Capital | Activist Presentation Deck | 75 slides",
  "authorId": "valueact-capital",
  "authorName": "ValueAct Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 42,
  "pageCount": 75,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a numbered list to present the two core demands for governance reform.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-4039-708a-bf30-dfedd780cec6/42",
  "deckHref": "/decks/019de072-4039-708a-bf30-dfedd780cec6",
  "deckJsonHref": "/decks/019de072-4039-708a-bf30-dfedd780cec6.json",
  "deckAnchorHref": "/decks/019de072-4039-708a-bf30-dfedd780cec6#slide-42",
  "components": [
    {
      "bbox": {
        "h": 0.14,
        "w": 0.94,
        "x": 0.03,
        "y": 0.36
      },
      "kind": "list",
      "text": "Seven & i claims it has built a structure between the holding company and key subsidiaries which enables “smooth decision-making”, most recently in its public response to ValueAct, but there is ample long-term evidence that this is not the case",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "44d70595-60ce-4f73-b9ca-e2900b9c4d3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.55
      },
      "kind": "list",
      "text": "The governance of Seven & i Holdings could improve in two ways that are well accepted as modern global standards:",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99f077ba-0c89-4436-991b-df4bdf571c33",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.94,
        "x": 0.03,
        "y": 0.14
      },
      "kind": "list",
      "text": "We believe the governance structure of Seven & i Holdings is dysfunctional, with distant relationships between the holding company and its subsidiaries, an overly complex organizational structure, infighting, and a Board that cannot act independently from management’s conflicted interests",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eee06bc7-0741-47bb-ab00-9ded7f32024d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.89,
        "x": 0.08,
        "y": 0.82
      },
      "kind": "list",
      "text": "Transition from a complex holding company management structure to a globally coordinated management structure focused on 7-Eleven",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "827bcf36-f9d5-469f-b282-e369848a54ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.89,
        "x": 0.08,
        "y": 0.68
      },
      "kind": "list",
      "text": "Transition from a majority of Inside Directors with conflicts of interest to a Board with a majority of Outside Directors that can objectively assess strategy",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b1389404-d75b-4810-8cf7-9f018b5e0da0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.65,
        "x": 0.03,
        "y": 0.04
      },
      "kind": "title",
      "text": "Summary of the Governance Transformation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "347f5f11-de8d-41fc-8e3c-99813dfac0e3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "f5387eef-3f67-45dd-a41c-11cf72dfaa8d",
      "evidence": "The slide explicitly discusses board composition and management structure as governance transformation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}