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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 15 slides",
  "authorId": "blackwells-capital",
  "authorName": "Blackwells Capital",
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  "presentationDate": "2024-03-01 00:00:00",
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  "notes": "Uses callouts to link specific policy text to the central argument of governance failure.",
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      "kind": "callout",
      "text": "Directors must avoid conflicts of interest. A conflict of interest occurs when an individual’s private interest interferes in any was with the interests of the company... A conflict of interest may also arise when a Director...receives improper personal benefits as a result of his or her position in the Company...",
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      "text": "We do what’s right and take responsibility for our actions to protect...our shareholders.",
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      "kind": "callout",
      "text": "[T]he following are examples of conflicts of interest: (iv) accepting...a gift from persons or entities that deal with the Company, in cases where the gift is being made in order to influence the Directors’ actions as a member of the Board, or where acceptance of the gift could otherwise reasonably create the appearance of a conflict of interest.",
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      "kind": "callout",
      "text": "We recognize that our continued success depends upon a commitment to conduct business with honesty, integrity and in compliance with the law...",
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      "text": "Disney Code of Business Conduct and Ethics for Directors document snippet",
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      "kind": "paragraph",
      "text": "CONFLICT OF INTEREST FAQS (PART I- EXEMPTIONS) U.S. Department of Labor Employee Benefits Security Administration October 27, 2016... parties providing fiduciary investment advice... are not permitted to receive payments creating conflicts of interest without complying with protective conditions...",
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      "kind": "paragraph",
      "text": "ERISA §406(b)– Fiduciary self dealing ERISA §406(b) focuses on benefits the fiduciaries themselves receive. It prohibits fiduciaries from three basic types of conduct: (1) Dealing with the assets of the plan for his own interest or for his own account. (2) Acting adverse to the plan in a transaction involving the plan (3) Receiving consideration from a party dealing with the plan in a transaction involving plan assets.",
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      "kind": "source-note",
      "text": "Source: Disney Standards of Business Conduct; Disney Code Of Business Conduct And Ethics For Directors... Source: https://www.dol.gov/...; https://www.napa-net.org/...",
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      "kind": "title",
      "text": "The Information Sharing Agreement demonstrates poor shareholder responsiveness, and clear governance failures",
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      "kind": "title",
      "text": "Did the Board violate Disney’s Code Of Business Conduct And Ethics, Standards Of Business Conduct, and the Employee Retirement Income Security Act of 1974 (ERISA)?",
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