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  "docSlug": "36531221f1c67575f86f87d8dbd73e65",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
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  "notes": "The slide uses a visual gap analysis to show that incentive targets are below the cost of capital.",
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      "kind": "callout",
      "text": "50% of equity compensation is linked to three-year ROIC goals of which FY 2022 and FY 2023 had targets for 100% payout set well below Disney's cost of capital and less than half of Disney's reported ROIC 5 years ago",
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      "text": "Disney's Return on Invested Capital (\"ROIC\") Targets in Context",
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      "kind": "source-note",
      "text": "Source: SEC filings, FactSet. Note: (1) 2-Year Treasury Yield as of 11/29/22, the date ROIC targets for fiscal 2023 were set.",
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      "kind": "title",
      "text": "...Coupled With Egregious Long-Term Incentive Targets That Are Unambitious",
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      "evidence": "Visual comparison of low targets against high historical performance and cost of capital.",
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      "beatName": "Agitate (Make it worse)",
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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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      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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