Proxy advisory firms and independent corporate governance experts have pointed out Pernod's weaknesses on several key governance metrics. In Elliott's view, addressing these deficiencies could help generate significant value for all stakeholders. Pernod's journey from a small local niche player to an iconic French multinational leader has been impressive, and the Ricard family deserves credit for supporting the Company's growth over the years. Elliott believes operational and governance improvements would allow Pernod to unlock much of the value that the Company is capable of delivering, improving the strength and sustainability of the Company for all stakeholders. Elliott has met with Alexandre Ricard, Pernod's CEO, and has written to the Company's Board to share its analysis and views on value creation.