P&G wins proxy battle against activist investor Nelson Peltz

Nelson Peltz, from activist hedge fund Trian Fund Management, has failed in his bid to join the board of Procter & Gamble, preliminary results show.

P&G wins proxy battle against activist investor Nelson Peltz

Reports from votes cast prior to today's meeting of shareholders suggested the election would be too close to call.

But at the end of the meeting P&G's chairman and chief executive David Taylor announced that all 11 of the company's directors had been re-elected to the board.

Taylor said: "We will continue to engage constructively with Nelson Peltz, whose input we value."

P&G last week sent a letter to its 2.5 million shareholders urging them to vote against Peltz.

The letter read: "While Mr Peltz is an accomplished investor, he does not fit the criteria established by the P&G Board through its rigorous governance process, nor does he have the skills the board needs to continue to guide P&G for the future.

"P&G is on the right track and needs to stay focused to avoid derailing the progress underway."

Peltz had issued a 94-page white paper last month, spelling out why he believed P&G was on the wrong track – with his reasons including a perceived weak digital presence, lack of innovation and excessive costs.

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