P&G Says Still Reviewing Razor-Thin Proxy Vote
November 22 2017 - 10:25AM
Dow Jones News
By Sharon Terlep and David Benoit
Procter & Gamble Co. said Wednesday it is continuing to
review the official tally of the hotly contested proxy contest with
activist Nelson Peltz but hasn't decided whether to formally
challenge the results, which showed the company lost by a
razor-thin margin.
A P&G spokesman said the consumer products giant is
reviewing data from both electronically cast votes and paper proxy
cards and, based on the findings, will decide whether to challenge
the results compiled by IVS Associates Inc., an independent proxy
counting firm.
In a challenge, P&G and Trian would argue the validity of
questionable votes and IVS would make a determination.
"As we said before, the IVS tabulation results are preliminary
and are going through the customary review to ensure a final and
accurate count, " the P&G spokesman said. "P&G will
disclose the results after receiving the Independent Inspector of
Elections' final certified report, which we are pushing to get as
quickly as possible."
Mr. Peltz's Trian Fund Management earlier Wednesday said it
believed P&G had decided to review and challenge the results,
saying it was disappointed that the company continued to "waste
further time and shareholder money contesting the official
tabulation of the independent inspector."
After the most expensive proxy fight in history and five weeks
of counting, IVS's tally of the roughly 2 billion votes that were
cast for the October meeting found Mr. Peltz had 42,780 more votes
than a P&G director he ran against. That is a margin of 0.0016%
of the shares outstanding.
Write to Sharon Terlep at sharon.terlep@wsj.com and David Benoit
at david.benoit@wsj.com
(END) Dow Jones Newswires
November 22, 2017 10:10 ET (15:10 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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