Procter & Gamble heads for boardroom showdown with activist Nelson Peltz

17 Juillet, 2017, 16:13 | Author: Marc Bacque
  • The twin towers that house the corporate headquarters of Procter and Gamble

Nelson Peltz's Trian Fund Management has declared a proxy war against Procter & Gamble Co (NYSE: PG), according to a report from The Wall Street Journal.

Trian, which owns about $3.3 billion of P&G stock, said P&G has underperformed relative to its peers and the S&P 500 over the past decade, saying that total shareholder return was less than half that of its peers and has been in the bottom quartile over recent time frames.

However, those efforts have failed to boost the company's stock much beyond the level where it traded at the beginning of this year. With a market cap of $222 billion, Peltz's campaign marks the biggest proxy battle in corporate history based on market size, WSJ noted.

Trian said in the filing it was launching the proxy fight because of P&G's continuing underperformance and the lack of tangible evidence that the company had embraced initiatives discussed at various meetings between the parties. The investor also said that P&G has an overly complex organizational structure and a slow moving and insular culture.

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Trian had sought a seat for Peltz on P&G's board earlier this year, but was declined by the company.

In what it said was a bid to show it would be a collegiate player, Trian insisted Mr Peltz's first move if he is elected would be to recommend the re-election of the director who lost their seat.

P&G said in an email on Monday that its board was confident that the changes being made by the company were producing results and expressed complete support for its strategy, plans, and management.

The company's annual meeting is usually held in October.

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