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  "docSlug": "36531221f1c67575f86f87d8dbd73e65",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
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  "pageNumber": 25,
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  "notes": "Uses 'X' icons to emphasize failures in governance process.",
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      "kind": "callout",
      "text": "Given this Board’s track record, we find it disappointing that it rejected adding Nelson and Jay as Directors outright without even meeting with them. Disney’s Board would seemingly rather spend ~$40mm of shareholders’ money than invest a little time to ask questions about their candidacy",
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      "text": "First proxy contest we have had where our candidates did not meet any non-management Directors in-person; Disney's Board showed no interest in meeting or inviting Nelson Peltz; Seemingly never even considered a meeting or call with Jay Rasulo; At our one, 45-min meeting with the Board in 2023, not a single non-management Director asked a question; Disney only offered Trian a meeting with non-management Directors this year after rejecting our candidates; Disney's claim of “20 meaningful interactions since Feb 2023” is perplexing – its proxy statement only lists 11 interactions in the Background to the Solicitation of which the vast majority were just emails or short calls",
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      "kind": "source-note",
      "text": "Source: Disney anticipates that total proxy solicitation costs will be approximately $40 million as per the Company’s 2024 Definitive Proxy Statement.",
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      "kind": "title",
      "text": "Perhaps The Governance and Nominating Committee Could Have Saved Shareholders ~$40mm by Meeting Our Candidates",
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      "evidence": "Contrasts Board's claims of 'meaningful interactions' with the lack of actual meetings and the resulting financial cost.",
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      "evidence": "The document highlights the board's complacency, lack of accountability, and poor oversight on strategy and culture.",
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      "evidence": "The document reveals the underlying issues with Disney's board, including complacency and lack of accountability.",
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      "objective": "To reveal the underlying issues with Disney's board",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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