{ "docId": "019de518-2f8c-70e0-8e27-b5eeb9caab3e", "docSlug": "9a2da3e17e4fb6685ff57243070ba9ab", "documentTitle": "Strategic Organizing Center | Activist Presentation Deck | 65 slides", "authorId": "strategic-organizing-center", "authorName": "Strategic Organizing Center", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2024-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 28, "pageCount": 65, "prevPage": 27, "nextPage": 29, "slideType": "peer_gap", "function": "expose_gap", "density": "overcrowded", "nDataPoints": 36, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-2f8c-70e0-8e27-b5eeb9caab3e/28", "deckHref": "/decks/019de518-2f8c-70e0-8e27-b5eeb9caab3e", "deckJsonHref": "/decks/019de518-2f8c-70e0-8e27-b5eeb9caab3e.json", "deckAnchorHref": "/decks/019de518-2f8c-70e0-8e27-b5eeb9caab3e#slide-28", "components": [ { "bbox": { "h": 0.04, "w": 0.11, "x": 0.035, "y": 0.92 }, "kind": "image", "text": null, "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "847a5274-4cfe-45cc-bb59-e9813e7fb69c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.104, "w": 0.32, "x": 0.641, "y": 0.709 }, "kind": "list", "text": "When the TSR evaluation is extended forward to Feb. 14, 2024, Starbucks' relative performance grows worse, underscoring the SOC's concern that the Board's response continues to risk shareholder value", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8b38116a-e488-4639-b5f1-d31a0ebc7242", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.286, "w": 0.32, "x": 0.641, "y": 0.399 }, "kind": "list", "text": "Starbucks has underperformed the median of its peers and its benchmark index since Buffalo unionized on Dec. 9, 2021. The Company's performance was in line with peers and the benchmark over the year preceding the nomination of SOC's candidates. Finally, Starbucks delivered worse shareholder returns than the median of its peers and its benchmark index over the three years preceding the nomination", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e655b5e0-d889-40ab-b3fd-01e14b1f7275", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.104, "w": 0.32, "x": 0.641, "y": 0.23 }, "kind": "list", "text": "The recommended unaffected date is Nov. 21, 2023, when the SOC nominated three candidates for the Board as a last resort to address the Company's continued mismanagement of human capital matters", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f7885b19-9ccd-4923-8705-d7aab12e432d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.37, "x": 0.15, "y": 0.935 }, "kind": "source-note", "text": "*Source: Bloomberg. Peer cohort comprises CMG, DRI, MCD, QSR and YUM", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "16624740-94ed-4ce3-9a44-12794c56d4c5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.63, "w": 0.601, "x": 0.045, "y": 0.229 }, "kind": "table", "text": "December 9, 2021 (Start of Unionization) to 1 Year Pre-Nomination to 3 Years Pre-Nomination to 11/21/23 2/14/24 11/21/23 2/14/24 11/21/23 2/14/24 SBUX (6.0)% (14.3)% 7.7% (1.7)% 13.6% 3.7% Peer Median 10.6% 14.7% 7.3% 13.5% 39.0% 44.6% S&P 500 Restaurants 5.2% 9.4% 9.7% 14.0% 33.1% 38.3% Relative Performance SBUX vs Peers (16.6)% (29.0)% 0.3% (15.3)% (25.4)% (41.0)% SBUX vs S&P 500 Restaurants (11.3)% (23.6)% (2.0)% (15.7)% (19.5)% (34.7)%", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "137ad559-632c-4516-a216-91eead98b83c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.89, "x": 0.035, "y": 0.129 }, "kind": "title", "text": "Since the start of unionization, the Company's shares have underperformed its peers* by 29.0%", "attrs": {}, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cfb90ff1-f6f9-40ff-98ec-27f28fd08155", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.59, "x": 0.035, "y": 0.046 }, "kind": "title", "text": "Starbucks Has Underperformed Peers", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "08695b23-1454-42ac-b136-2d66b36af49a", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 30, "from": 15, "beatId": "385740fc-23f0-488c-b9b2-0cbb5de66410", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck agitates the issues, highlighting the consequences of the Board's actions, including damage to the company's brand and shareholder value.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [ { "to": 30, "from": 22, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1525657f-7a7e-45c8-b3ed-55373791ddb1", "evidence": "The deck highlights the cost of failed oversight, including the rising costs of Starbucks' anti-union campaign and the impact on shareholder value.", "position": 2, "objective": "To highlight the cost of failed oversight", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }