Transcript
So nice, Amy theme song. Oh, like you've changed it. Low live. From the founders diamond mine and Botswana. We're all diamonds are worth 50 votes per share. It's an all-new terrific. Tuesday edition of business fans, joined by Alice whole map mascardi. I'm a Founder. I don't get 50 votes for sure. On today's chocolate filled summary, compensation, table called, October 22nd 2024, It's a double quiz Tuesday, featuring a heartbreakingly mediocre, ESG news quiz and a relatively thoughtful data, drop quiz. I get that right. When you say relatively relative to my quit, I mean, yeah, relative to what is always the question. Our show today is being sponsored by free flow analytics.com. The only platform measuring board power connections and performance for free. You know, it's interesting that there were reports about the role that Tim Cook played in the, the CEO at Nike and I immediately went to our data to see well, what is free full, analytics.com. They must have known something about his perceived influence there and and while The problem is that the Knight family controls the bulk of the influence. Tim Cook is certainly listed as a major player, so it's no surprise to our data that he's heavily involved. But can we say the amazing part about it is to him like, at the highest possible level the news. Stories are seemed shocked that Tim Cook is on the board of Nike. Yeah, well they don't they just look at our data. I mean really, for any investment firm, any activist investor anyone who's an investor who's not using our data is crazy because if yeah and I know that Nike is obvious, Tim Cook is obvious. But if you really, if you want to know who to Target, who to reach out to, if you really do want to make a may, have big changes or or swap out a director, you really should start with our influencer percentages because they're pretty goddamn accurate. Yeah, that's pretty good and frankly if you're like on the bus and you're sitting next to a guy who's talking to himself and you over you see is like badge from his company. You should look in the data and see if he's a director somewhere because that might think that director rides the bus. That's nice. I like that world. Yeah, that's that's what directors do. Don't they they all ride the bus. All right, two quizzes, let's hear higher herself. You want this the intense game show music? Like I don't care. Spencer, I know it's a gets my normal character but Yeah this is like a Halloween I like this Halloween but it's not a Halloween theme quiz. Although the first subject maybe is this is maybe this is the appropriate music for my first subject. All right. This is with it. This is lingering from a report that came out a week or two ago but I wanted to include this in the quiz because we never fully got to the heart of it. So let's start here. There was a report that claims that roadblocks is what Roblox the kids, the kids gaming platform, a big research report coming out. Claiming that Roblox is what the report. Came out from Hindenburg Hindenburg research. I know this because last night that of my wife and I go to dance and the dance instructor was like my kids play Roblox, they loved it. And I was like it's a pedophile. Hellscape just take the absolutely correct. That's what it's about. It's called a pedophile. Hellscape horrible. Well, look, if you are like, I'll say this if you want to go on a kid's game and name yourself, Jeffrey Epstein, you shouldn't go on Roblox because already, 600 variations of that have been taken. You can't get that right now. Alright, another one, Hindenburg research, usually says things like you know, they're exaggerating growth and Emerging Markets but this time they're just calling the company. A pedophile hellscape I mean that's yeah, yeah, all right. Let's so let's stick with Roblox for a few of our quiz questions. Oh, do we have to? Yeah, that makes me uncomfortable. I got a bunch bonus question. One, you already. The first one, right? What percentage of influence according to free-flow analytics.com is held by women on the roadblocks. Oh aggregate insulin tell by women on the Roblox board. So this is tricky because I do know you know to mothers Bouzouki. Oh no like much, they run this Sports. So the leftover is probably like 25% and then women there's probably like two of them. I'm gonna say aggregate Five percent. Oh yeah. Another another winning answer that, you know, the data, your own company. There are only two women, the same amount as the prosciutti brothers, who run the company and they they control 5% of influence. I would suggest if you want to change the fact that this company is a pedophile, hellscape just start by adding more powerful women to your board. I would just start there. That just seems like a simple right there, start? Yeah. Bonus question, two, um, you already hinted at this what percentage of influences held by the brothers named bushouki The bushouki Brothers. I think it's like 704% for you're right. And that it's a, it's completely overwhelming. But actually it's 87% that's a buzzer. That's not great. That's not great, seven percent, great. So I will say this, how big is the Roblox board. It's got to be what seven people eight people. It is rare when you see a board of seven or more, We're one to two people on that much influence. Even Mark Zuckerberg who has total control over his board. The estimate in the free flow data is only 60 like 7% or something of of influence. They must be a pointing lightweights. I like actually brothers much much, literally have every single like, committee chair role and I don't know what anybody else is doing there. So yeah, should we call the company Roblox, or should we call it a shooky? Maybe that would. Yeah, that maybe that would parents to get their kids, not to play. They don't want to play the Pisa Brothers, bushouki game, right? Or whatever. Well, they're sound a little bit, like a video game character, so that's probably not great question. Three CEO. And co-founder David bushouki democratically. Controls the pedophilic lensky known as Roblox, because his class B shares are magically worth. What are they worth magically? They were worth. Well I'm just okay. I don't know bunnies or what I'm like are they worth three Morningstar Globes? I'm gonna go with. You gave the answer away with the diamond mine in Botswana, maybe if 50 shares. 50? I finally The outwitted mat. Because right before the show I did have that I realized that the joke in my opening copy did match and answer so I changed it the last second. Oh not much. We this is how long we've been working together and how creepily we think alike. But I changed it right before the show. It's actually 20 votes per share. It's 20. Ah, that's what you're right to realize that I almost stupidly gave it away. I thought you were tricking me with your own copy. All right, let's move on. Roblox is 2024 proxy statement site that they have a trust and safety Advisory Board. This is in their proxy statement, comprised of world-renowned digital safety authorities. The company, invite shareholders, and stakeholders to learn more about each of our safety Advisory board members at a website, corporate Roblox, dot blah, blah, blah blah. Well actually it's Corp dot roblox.com slash parents Oh, sending is that? Yes, slush parents. So, here's bonus. Question four? Yes sir. No. Does Roblox list, the names and qualifications of the members of its trust and safety Advisory board at that website or anywhere in any of its SCC filings or anywhere else on his corporate website or anywhere else. The World, including the back of a Chipotle napkin anywhere, do they list these people anywhere? Anywhere, here's the problem. Yeah. Your animation fact that they do not quizzes, have a purpose. I'm, we're trying to educate her audience about looks. Yeah, even Zuckerberg's oversized for has like a great job biographies for every single person on it. They the thing they don't tell you is that Zuckerberg hand chose them and pays them right. A lot of money and then doesn't pay them anymore because he doesn't want to and like they're there. But this sadly and Matt sounds not the case. Yeah, you're right. The answer is no and I checked for hours, I mean, that's just creepy. It's creepy to lead people to know where to cite it. And then yeah. Have a be a big zero. It's creepy to me. I mean, I mean it may be more honest though because they're just saying it's the bouquet Brothers. Well, okay like that. Don't look anywhere else. There's no board and let me tell you a little bit more about the Board at ROBLOX. So they have a nominating in corporate governance committee, which is tasked with overseeing roblox's, initiatives related to trust and safety. And I just wanted to tell you quickly about these committee members to show you how this board is really constructed. There are three committee members, one of them is Anthony Lee who has been on the board since before Obama was present. He's been there forever. Okay. And he's yeah, He firm called Altos Ventures management, that quote, invests and Founders. So you can see whose side, he's on. I, yeah, I'm not sure anyone. It was ever like, you know, who our Paragon of safety is a VC guy. And how about this, another Committee Member is Andrea Wong. She serves on three other boards, she starts on three other boards. All of them control by a single man, Media Company Liberty, Media controlled by John Malone karate. Retail also control by billionaire, Q rate, John Malone and Hudson Pacific Properties, controlled by Victor Coleman. She only sits on board and complete control by a single man. Well so she's easy to push around, right? And then finally she knows the deal. There's Christopher Carvalho who owns so many options, they're worth millions of dollars and they're and they're worth millions of dollars because the exercise price on his options is only six cents. Wow, six cents. So, he's easy to control too, right? I mean, he's not gonna hang out, he's not gonna well, look. If you're a pedophile hellscape, then it's possible to share, might only be worth six cents, so that might not work. So favorites. So let's I don't really have a question there. But do you like that? Do you like that committee? Do you? Yes or no. No, I don't know, right, I don't that's I win us. Wait I get that right? I can't I get right. Let's wrap up Roblox by talking a little bit about their executive pay, but before we do the only question one, I know, I like to quit. I like to be verbose, jeez, according to the company's 2024 proxy statement, and how many of Roblox is five named executive officers are women. Oh, it's a tech. It's a software company. I mean and zero. So you're right. Unfortunately. And and then finally over the past three years, Um has founder and CEO and chair and majority voting power guy. David bushouki has the average more than or less than 50 million dollars a year as the average more than or less than 50 million dollars a year for his pay. Usually usually when this is the situation, you got like the Dual class when you're like the founder, when you got your VC Bros on the board, all that kind of stuff, you don't pay yourself much, you give yourself like a thousand dollars, a year, 10000 dollars a year. You don't give yourself anything and summary comp. Everything is the options that you have because you own all of the stuff. So, I'm going to say that, depending on what you're talking about, he either gets 10,000 dollars a year, interesting or more than 50 million interest. Okay, what, what what's the end? What do you saying? What is your end? I'm saying either like, well, I don't know which one you what? Which one you're referring? You both could be true. Okay. Well, let's just the real answer is, he makes greater than an average of 50 million dollars about he makes about 80 million dollars a year and it's from the options, right? Is it all from the eye? That's a lot of options. Yeah, yeah, okay. So, I'm correct. He's paying himself and owning much to the company. It's just good. I'm just don't care. As long as I am correct one. People put understand what's going over a roadblocks. In case you have children, in case you're investor, in case you care about anything. What? A yeah, read the Hindenburg report. It is, it's okay, the horrifying. All right, horrified of horrifying, let's move over to a recent research report from Russell Reynolds. This just came out a couple days ago. I think called gender diversity in the seat women's representation in the 2024 S&P 100. So just to put the collective power of the S&P 100 Into perspective. Do you know? Any guess what? The total market cap of the entire S&P. 100 is just so, you know, he's got to be yeah it's got to be like 20 trillion that's good that's good. Enough of an hour. It's 34 trillion dollars I just want to understand him close. Yeah it's a lot and the S&P 500. Itself is 46 trillion. So, the S&P 100 is really, I mean these this, they run the world know, basically most. Yeah, it's the thing. All right, so, here we go. In 2022. Women held 12.2% of the roughly 15,000 c-suite positions, across all publicly traded us firms. At the end of 2023, what was this percentage? So it was 12.2%, which is really low unfortunately, but So what progress have we made in the last year? I'm going to say the progress, like the headline about Japanese women on boards has been really spectacular. 12.3 percent. That's what I'm gonna guess you're close. But but you're wrong because the, the heart of the matter here, is that actually going down. It's 11 point. We're actually, I find it hard to believe. I, I don't know. I don't know if this is part of the anti Dei anti-esg movement, that's been happening here. So look, if you're an investor and you have a proxy, right? Like you have a vote, we know, at the s p, 100, they have some of the most diverse boards. Now, in the world at the S&P Ford, their 10 to be 40% women on boards, sometimes more often see? Yeah, you often see 50/50 but if you cannot translate as an investor that the ask for the board to be diverse to Roll downhill. Yeah, the board's job is to oversee the c-suite, clearly the board and the c-suite are disconnected entirely. If you have a demand for diversity, you're making at the board level but it is not translating. In fact, it is regressing at the c-suite. Wow. That that means that the well, think about the implication of that, the implication is the board. Actually is not, they are not emphasizing their, or not executing any control over management because investors have given boards Amanda that they must be diverse. Many diverse investors will vote against nominating chairs. For boards that have less than 30% gender diversity on them, right? Which means if that's all you're doing, you're not actually taking any next. Step to say, does the board oversee management? Are they doing the absolute bare? Minimum that we ask them to do and then ignoring their fid, To oversee management and entirely. This is why if you care about diversity and this you know, this is my favorite data point that we cover, we have something called the gender influence Gap, right? If you care about this at all, you should be looking at the gender influence gap on free flow analytics.com, because this might be the single most important date that we offer. If right? If this is an area of your coverage, I mean, Because it's one thing to have the bodies on the board. But if they have no power, this is what's happening But what we're seeing that what actually the confusing and scary part is the it's like a board influence Gap as in. Yeah, management. Probably is controlling the vast. And I mean, like, 90 plus percent of the influence of these companies. The boards are nothing Burger because investors are not forcing the only time you see an investor change management through the board is when they take an activist stake. But if you're seeing data that suggests you care about diversity. There's plenty of diversity on this board, but the diversity is not translating to diversity in the c-suite. Then the board is not doing its primary function, which is to oversee the c-suite to execute like a strategy and oversight at that level. I think what Matt is saying. What I'm that's bananas is and constantly saying is, I think it's been 20 years. I think we should move beyond the very plain metric of the percentage of women on the boards, right? It's a great. Look, it's important. But there are a lot of other things to count to count. Now, including our very own gender influence. Let's get on to our next question. In our quiz for October 22nd. I don't know. I'm sorry man. Happy Okay, so we're looking at Russell Reynolds report, they looked specifically at about 1500 Executives at the 100 largest S&P 500 companies S&P 100. So out of all the S&P, 100 organizations, all of them? How many of them have achieved gender? Parity on their senior leadership teams? Oh, geez, Jennifer parody and I credit Russell Reynolds here because this is something that we look at a lot on this show. We look at the entire leadership teams as site as stated by the companies. Not just yeah, bored plus. Yeah. Not just a name of offerors but everybody right everybody. Everybody how many Euro 100? Okay. Well I mean you're basically right but you're being a little bit cynical. It's six. It's six. oh think about it that same time six that seems so sad to me that you think that that seems high Though, doesn't it? Like no I don't want to say that. I don't want to think that I don't want to say that but think of it but just that like S&P 100 companies, we talked about basically daily, we will every new story about them. Can you think of a single one we've seen that has look they don't come around and even bored. I mean we've we've noticed a few recently in the utilities sector you know we talked about them in some Industries like retail elf Beauty, for instance have reached gender but there are more than that there aren't many you're right look I'm just not that many. Yeah. Um okay but of those six organization of those, six companies that have a cheap parody. Can you name one notable feature That five of these six companies share like what is it about these companies? That's and I know it's a small sample size. Know that I'm guessing they're either like like some sort of cosmetic or fashion. It's not industry-based, it's not industry based. Yeah, it's not. All right, I don't like that. I don't like being wrong. The answer is that they're they're essentially they're well established companies that they've been. They were founded over 50 years ago which basically is saying that that these you know the all the the trends you see in social activism divert all these things don't seem to be appealing to newly. Founded tech companies I guess is really what this is implying, right? Oh just, you know, companies in general, I don't know, it's not really saying much because it's such a small sample size but it does not very small. Yeah, that's moving on. What percentage of S&P 100 companies have leadership teams consisting of at least two thirds men, two thirds at least two thirds. Well, you said it was 6% are parody. Oh, this is just leadership. This is full leadership teams, right? This is leadership teams. Remember this is 2/3. It's not parody, but two thirds, at least. So I'm gonna go with 94% again. You're being. Yeah, I can see where you're going. It's no with that the six representative parodies, that's 50%. Yeah, I know I'm saying, basically anybody who doesn't have parity is just at least two thirds well then right you're wrong but this number is still way too high it's 70% and that leads me to the next question. What percentage of the S&P 100 has women with at least two thirds women? At least? So it has to be the rest? I'm gonna know what 20%, no, no, no. This is just companies where it at least two thirds of the leadership. Team is men and this is at least two thirds are women, so for women? No, you're wrong. It's zero, none, none of that they're all. I'm gonna fire the quiz Rider, maybe he. Yeah, that maybe very confusing. Let me buy like anything I'm out of this section. Let's get to easy stuff here. Name the top three executive roles in the sea Suite held by women. Let's go, let's get back. Okay. All right now we're talking now we're talking Human Resources. Yes legal. Yes and marketing. Yes. Get yourself a button. Yeah, that's correct that we talked about in the show is actually accurate. So anyone who listens to us should know right now that everything we say is true and valid, everything that's correct. We've never said anything wrong. So you as a extra credit, you want to try to guess the percentage of these roles held by women how many what percent Of head of human resources or women? What do you think? Oh, it's got to be It more than 80% I'd say 84 close enough. It's 72%. I mean, isn't that crazy about marketing and chief legal rough. The marketing is gonna be lower and it's gonna be like 63% or something. They're both the closer. They're both in the 40s. 40%. Oh, really? Yeah. And that brings me to this name. The bottom two executive roles held by women in the bottom two in the c-suite, bottom. Oh yes, and CEO. Yes! Unfortunately, what do you think those percentages are It's like five and no, it'll be like 11 and 5%. So for CEO, it's 9% for CEO, it's 8%. I don't know if this reflects, I don't know if CVS is actually in the Fortune. 100, I think they are. So this number is gonna Skydive, right? Because Karen Lynch was one of the few CEOs, but like, this is the glass ceiling inside the glass ceiling, right? Because like, the move to CE. Yes. Oh is often from CEO? That's almost always what you wonderfully? Segue to the next question, and I'll quickly do it and I'll let you keep talking. What's an what according to this report? What's another name for the CEO role? What are they called it? Hi, what's a nickname for in the industry? Fred isn't it president or I'll give you wrong answer it's called CEO and waiting. That's what they call us. So this is a problem, right? The CEO women and CEO roles is actually actually less than CEOs. I finally found some data point that worse somehow I but it's finally. Yeah, do they had to look real hard according to research 43% of CEOs in the fortune 250 were promoted from the CEO position. So they're they're very they're very carefully figuring out how to prevent women from getting promoted. I I don't so I don't like this quiz. Okay, let's get off of this, this report. It's a good report. I'll refer to it again. It's a, it's comes from Russell, Reynolds called gender diversity in the sea Suites. So check it out. If you want to, let's move on. I have a few more remaining questions from the news. HSBC has this incredible restructuring, Matt. I don't know if you heard about this, I did. This is a big confusing. Restructure, including a whole new Geographic setup. They're gonna have all these new Geographic, operations, Western markets, Middle East is blah blah to all this crazy stuff, they're all. So gonna consolidate operations into four new business units, there's so much being redone and restructure HSBC. So now would be the perfect time to announce, what what has HSBC done for the first time. And it's 159 year history. They have named, you know, last Cliff CFO? Yes, a woman. Exactly the glass first time, what? It's what a great moment, right to? This sounds really like a lot, right? I mean, this is a little, her name is Pam cower, by the way, that's good luck with all that Pam. That's a like, it's a recipe for disaster. Have anybody been set up to fail more? I mean like and the CFO role then I mean not only they reorganization for geographically but also the business units are changing that's just too much at once. Sorry. Yeah, it's not a great role. Here's a super duper bonus question. I love this. CNBC released a 615 word, article called HSBC and Barks On major restructuring names. First female CFO, write a 600, and 15 word article. How many words before the article actually names, Oh wow. The hsbc's first female CFO remember that? The title says names for female female how many that oh wow 150 words this is I counted this is the best question you've come up with today. This is no better. Question, 50 words how many words before they actually named the woman that? I mean I mean it should have been three. Yeah right now. Yes. So and so right. Be trying to trick you could know you're not trying to trick me. It's 412, give yourself a victory, it's 500 and 562 right at the end. I'm gonna give this woman, no credit, despite the Fanfare of this article. And how about this for a part two question? How many words before the article names? The, the male CEO? Oh, it's in the third. Yes, it's got the four words. I mean, this is like the the oh, Yeah, I got nothing to say you know how much I love parsing out. These businesses are I. What I love is when you count word. Yeah. Well, this is the sort of the Hidden subconscious subtext of this whole world that we live in, right? Like they, they they know what they're doing. There's something there's something sort of crafty and subconscious about it all, but let's move on. Let me end my quiz. I know you hate when my quiz is going for 17 hours, so I'm gonna wrap it up on this. HBO has a hit show called industry. I don't know if you've heard of it it takes place at a fictional 150 year old Goldman Sachs ask Investment Bank in London. I think they call it Pierpont and in this season The company had a near total Layman Brothers, ask financial collapse, right? You were with me so far yeah, so my question to you, is What exactly led to the companies near total collapse? According to the HBO show industry, what was it? So they're not gonna do like mortgages because that's been done and everybody's lots of movies about that. I'm gonna go with something woke up a climate catastrophe. Give yourself a victory. It's not quite that. It's actually even dumber than that. It's because the bank borrowed too much money to buy steaks, and do good in companies, in an attempt to Pivot to ESG. Oh, they put it entirely on the back of its woke need to Pivot to ESG and it's quite funny. If you're in the ESG industry it's actually like quite a fun show to watch because this season is full of of ESG rhetoric. And and yeah it's great. It's great. It's got to be all wrong. It's a lot of fun. I can't watch that. It's so infuriating to me. It's like what like like when my wife Medical school like she watched Gray's Anatomy. It was like, what is this? This is nothing like what medicine is like, I can't do that. I can't do the finance version. The reason why I selected this is there was a Wall Street Journal article about the show, and it says how, basically, everyone in the industry loves the show but it's all full shit, everything about. So completely, no one can follow any of the narratives. They don't mean anything, but that's it. That's right. What he got? I'm gonna give you. I got a shorter quiz than you equally as boring though, all right, here is the headline. I saw activist Jana builds, lamb West Virginia, take pushes for possible. Not a woman know this Janet, you know, I thinking about this. Do there are other ever are there ever women involved with these? These high-profile activists investor stories, is it always old? Men looking for like their egos to be splashed across the pages. Know, it's sometimes. Young men who are there. He goes to be like, thank you. Yeah, Jana Investments, they bought 5% of lamb Weston, they up their stake. What is lamb? Weston is again? Lamb Weston is french fries. Oh yeah, right, we talked about this. Yeah potatoes. In fact, in fact, my favorite quote um lamb Weston spun off from ConAgra about seven years ago. My favorite quote from the spin-off was, when the CEO, the current CEO, Tom Werner said, quote lamb Weston as well positioned to continue to drive growth and capture share and the global frozen potato Market. I just like the idea that there is a global frozen potato Market as a unfrozen potato Market. I just like that, right there in the freezers is how it works. I don't know how it works. I'm not a frozen potato. Mom, I don't grow Frozen potatoes, but they Janet investment took a 5% stake. The stock is up, like 10%. Yeah, on the news. Oh, and they're asking they wanted to see from the company as strategic review of their Capital spending, their operating deficiencies, and their share repurchase strategy. Basically, they want the company to either pay the more money or stop sucking quite so much. Here are my questions. Yeah. What percentage of the board at A frozen potato company. Has economics knowledge according to free flow, that's mba's degrees in econ or accounting or they're acting info or something like that. I, I would just, I'll take the easy way out here, and I would think that it would. You just need one? I mean, I don't know how big the board is. Do, you know, off the top of your head? Sure. It's 11 people including the sea. Yes, I'd say maximum of two people. Okay. So that's like, that's probably right. Roughly eight out of the 11. 8 out of the 11. Have a background, and yeah, there are the same. Are they from the same dorm? They all come from the same dorm. I don't understand. There are two accountants on the board. The rest of them are econ Majors. So 72% of the board. Yeah, just went got an econ degree and then now, we're overseeing Frozen potatoes. What was the subject of their thesis that people like potatoes or something? Or it was not, it was not, they did not do a thesis in the incremental evaluation of potatoes. They did not do that. That's so that's sad. That's the follow-up question man. The follow-up question here is What about what percentage of the board? According free flow data and their bios? Do they have food production in their back? Well, this this is reminds me of Ronald Reagan who called ketchup a vegetable I so I don't know. Like is a french fry food? I don't even know. Is that considered food? Well look, it's the closest thing we have. Yeah, I would hope. I don't again. I mean I would hope it's at least a quarter of the poor. It seems important I would think a quarter of the board. I'm gonna give this to you. It is 20% of the board when you exclude the CEO that right? There's no yeah kind of I mean, real estate. Here's the thing is that we have all the data but we don't really have a way of saying, what's right or wrong, right? I mean well, according to the day, when you do the data at scale, according to our data, it says, 45% of the board has, you know, food production. But when you read the BIOS and you get actually deeper into it, you realize lawyer at Krispy, Kreme is food production. So we when you exclude it, when you do a slightly deeper dive because you see that disconnect in your life. How bad is that disconnect you realize that three years? Stint is Arby's CEO does not count as food production. Well, they do have curly fries, though. And and that leaves just the CEO. Tom Werner, Andre Hawaii who both came from ConAgra were part of the spin-off and came from ConAgra and Robert Cavallo, Cavallo from bunge and Cargill, he has food production experience. So there's this, there's the CEO and then two independent directors. It seems like you could swap out of a couple economics Majors for people maybe who actually understand. That's not your worst. You know, that's not your worst suggestion, which will come back to because jaina has some suggestions too. All right. You ready for um, How many directors of this fried potato? This frozen potato Market company? Yeah. Well, they're not Friedman. They're no, that's right there. They don't do the frying for you. That would be their previously like 19 Majors. A figure out how to fry it, but it's true. They need a much bigger board for that. How many of them have a background in addictive products? Now, I'm using that term mostly someone who used to be young girl and didn't have a lot of money and saw how addictive french fries were to really, really the most people, my vise, I know where you're going with this. I'm gonna guess it's high, right? I mean, this is a, this is basically a drug. I mean this isn't a right. This isn't real drug delivery system. This is like Coke to me. This is like yeah this is like Taco Bell. This is like Instagram, right? So I don't know. I have 45% give yourself around. I might agree with that because it I don't really get how you Market this, how you market French fries, other than the fell here, the drugs here. Here the drug background Benson was that McDonald's Blake's was at Krispy Kreme. Okay. Hello was that Pepsi sure. Model mug was that Arby's and sharp was that Pepsi so they were they were spot on it. Exactly yeah a lot of Pepsi like is if you actually if you want a board seat you should work at Pepsi become the VP of something there and you're pretty much guaranteed a board seat. All right. Number, what am I on number four? Number four of my six questions. Only a couple more here. How many directors are connected through boards or companies in common. Well, where is this company based? Uh, this company is based in Idaho. I was gonna say if to me, if it's in, if it's not based in New York, if it's not East Coast or West Coast, what we found is that basically everyone's connected because that's the way the middle of our country works. So I'll just it's true. I'll call it a at least two thirds, my guess it's 50% or 5 out of the 11s about half the board. But here's the, here's the kicker. Yeah. I mentioned before that only 20% of the board has food production experience, right? And one of those people was Andre Hawaii from, he's at ConAgra. Hello is the one who's connected to all of the other board members? He's can I block and Benson he's connected to Sharp through Pepsi and Werner the CEO through ConAgra. So he is connected to half of the board just through other boards and prior experience at companies. Meaning if you want to consolidate power, is there a better way to consolidate power than having you and the CEO? Be the only two people who actually know how to grow a frozen potato, I think mourning star or maybe it's Vanguard, I'm not sure. But they refer to this as group french fries, I think what are they group fry things? Yeah, I believe. That's correct. All right and here's there's actually Two more. Now, I got into this quiz now. Who given what you know about this company in this board, can you name? Oh, the director just guess you don't remember the name? Because you don't know the names of them, right? But just guess the director, who is the least liked by investor by what they either their role on the boarding. Some piece of their background. Their knowledge or yeah. By the vote. Well, who's least liked I'm gonna guess. It's it's, it's someone involved in food production. It's someone with knowledge that that's matters. That's my guess. I'm gonna say that is incorrect. It is the lawyer at Krispy, Kreme to that. How am I supposed to get that one? What are you doing to me here? Because he's the head of the comp committee and he is the head of the competition was a guest this. Well I just this is like you just pick ahead. Are you one of our audience of two? Think like ISS and glass Lewis? He was the head of the cop committee. In a year that the CEO Werner was paid 20.3 million dollars a summary comp. But the following year, when they actually announced how much he took home, he took home 40 million dollars selling Frozen potatoes. and the vote against this head of cop because it was so egregious was a team low 96% for Was the team low? Wow, this is a company that is an activist investor because they underperform the team low was 96% for the guy. That was the worst vote of the worst. All right, your last question on this gets back to something you could guess. What kind of creative new directors? If you're Jana? Yeah, exactly. Right. What kind of directors are being considered now to add to the sport? You got a 5% stage? Well, are you, what's your top number? One person that you're adding to this point, I haven't, I haven't done a full breakdown of their of their skills. That's where I would start. I was Jen, I would reach out to us and I would get the full breakdown of the skill sets in and how they influence the power breaks down. Just so I could see who to Target and what, you know who has what but As we've alluded to, as I mean, this is a drug company, right? This is I'm can nobody needs french fries, it's just, it's an addiction, right? I'm sorry, but So, I would actually do. I would actually think, I don't know if believe it or not, I would think marketing, right? Because isn't this all just about figuring out how to sell shit to people? I don't. Okay. Well so this isn't that most of what they do is not retail. Oh not. So what they do is like they sell to McDonald's is their biggest, okay? Right. Like so to restaurants so I could be wrong. Okay, so I'm gonna say you're absolutely wrong because the the they've secured, they know one executive, they've considering some others but they know one executive they're going to bring in. They want to bring in and that is a man named Tim mclevish. Who is the former executive chair of lamb Weston? Oh, in fact the spring is somebody old back. Has deep experience in. Corporate Finance with 72%. No other directors. This is not a joke that is their first choice know. I've realized the experience. Finding two people that people activist investors know, they only know two types of people. They know that their sons Right. That they know. They're, they're children that that's one person they like to nominate. Maybe they maybe know that, no, former failed Executives or board members at that company. That's all they know. Because that's, that's seems to be called people. They nominate. Right? That's who they called. Yeah. That's who they call. That's all we got. Come on January. Reach out to us. Yes, seriously, that's all we got. That is hazelnut Ross. I'm here. Analyst atmosphere. We are free float. If you like this, We're not gonna be back on Thursday. This week. We're gonna be back for a double on Friday. Wait aren't you on the big boat? We're doing land. Yeah, both one is delicious ship making. You know application coming in. The other one is oh they're both chips. They're both the chips. I don't do puns. That's all we got. Come back for more until then go.