P&G Shareholders elect all eleven Directors at annual meeting

Max Chuard

Procter & Gamble Co. (PG) said that, based on a preliminary vote count provided by its proxy solicitors following the Company’s 2017 Annual Meeting of Shareholders, shareholders have voted to elect all 11 of P&G’s Directors to the P&G Board.

The elected Directors which does not include Nelson Peltz of Trian as the company had earlier begged the shareholders not to vote him.

In a message sent out to shareholders, P&G warned them that Nelson Peltz of Trian is vying for a P&G Board seat in the middle of a successful transformation that is delivering results. He is a respected investor, and we are willing to listen to him, but the case for adding Mr. Peltz to the Board misses on two key factors – the timing is late, and the substance is lacking.

The elected members are: Francis Blake, Angela Braly, Amy Chang, Kenneth Chenault, Scott Cook, Terry Lundgren, James McNerney, David Taylor, Margaret Whitman, Patricia Woertz, and Ernest Zedillo.

Separately, Trian Fund Management said that today’s vote is too close to call and it will take more time to determine the outcome.

Trian Fund Management, L.P. , whose investment funds beneficially own approximately $3.5 billion of shares of The Procter & Gamble Company, said, “According to our proxy solicitors, today’s vote is too close to call and it will take more time to determine the outcome. We await the certified election results by the independent inspector of election.”

“Trian is pleased with the support we have received from shareholders and all of the nation’s independent proxy advisory firms. We believe shareholders’ voices are being heard at P&G today, thanks to Trian’s involvement,” Trian said.

About Procter & Gamble
P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit //www.pg.com for the latest news and information about P&G and its brands.