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  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
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  "notes": "Part of the 'Restore the Magic' activist campaign by Trian Partners.",
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      "text": "Disney NEOs have consistently earned payouts well-above target on discretionary “Other Performance Factors”",
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      "text": "Disney fails to set challenging financial performance targets (70% of annual bonus), including negative free cash flow targets in FY 2021 & 2022 and targets well below consensus estimates.",
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      "text": "Source: SEC filings, FactSet. Note: (1) FY 2020 and FY 2021 target adjusted after-tax free cash flow assumed to be the average of the performance range provided in the proxy statement. (2) “Other Performance Factors” for FY 2023 included: Diversity & Inclusion (highest weighting), Collaboration on Strategic Priorities and Efforts Towards Creativity & Innovation.",
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      "text": "Failure to Set Challenging Annual Incentive Targets...",
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