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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": 27,
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  "slideType": "before_after",
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  "notes": "Uses a before-after framework to expose the contradiction between pre-proxy contest rhetoric and post-involvement testimonials.",
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      "kind": "framework",
      "text": "Before vs After Trian involvement",
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      "text": "Trian has been involved in three proxy contests(1) (excl. Disney): (i) Heinz in 2006; (ii) DuPont in 2015; and (iii) P&G in 2017. In all three proxy contests, we heard substantially the same rhetoric from the companies and their advisors prior to the proxy contest. However, management's views of Trian and Nelson Peltz changed dramatically after we began to work with them to enhance shareholder value.",
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      "kind": "source-note",
      "text": "Source: SEC filings and press releases. Note: (1) Following the proxy contests, Nelson Peltz served on the Heinz Board from 09/15/06 to 06/07/13 and the P&G Board from 03/01/18 to 10/12/21.",
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      "kind": "table",
      "text": "Comparison matrix of Heinz, DuPont, and P&G quotes before and after Trian involvement.",
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      "kind": "title",
      "text": "Trian Has Developed Strong Relationships With Company Boards & Management Teams Following Prior Proxy Contests",
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      "evidence": "The slide explicitly contrasts 'Prior To Proxy Vote' vs 'AFTER Trian Involvement' to demonstrate a shift in sentiment.",
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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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      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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