P&G: ISS recommends voting for Nelson Peltz.
(CercleFinance.com) - Trian said on Friday that proxy advisory firm Institutional Shareholder Services (ISS) has recommended that Procter & Gamble shareholders vote to appoint Trian's chief executive and active investor Nelson Peltz to the board at the company's AGM on 10 October.
ISS said that a "limited degree of boardroom change would be beneficial" for the consumer goods maker, whose board is accountable for "several missteps over the past several years."
The proxy advisory firm cites an M&A strategy that "resulted in dozens of acquired brands subsequently being divested," and a "failure to prevent the company's organizational structure from becoming overly complex."
P&G responded to ISS' stance by repeating that it has taken "the right steps to create shareholder value."
"Change is not warranted when a highly engaged board is overseeing a plan that is working," P&G said.
Glass Lewis, an independent proxy advisory firm, has also recommended that P&G shareholders vote for Nelson Peltz, stating that P&G's investors should have an opportunity to encourage "fresh discussion."
Copyright (c) 2017 CercleFinance.com. All rights reserved.
ISS said that a "limited degree of boardroom change would be beneficial" for the consumer goods maker, whose board is accountable for "several missteps over the past several years."
The proxy advisory firm cites an M&A strategy that "resulted in dozens of acquired brands subsequently being divested," and a "failure to prevent the company's organizational structure from becoming overly complex."
P&G responded to ISS' stance by repeating that it has taken "the right steps to create shareholder value."
"Change is not warranted when a highly engaged board is overseeing a plan that is working," P&G said.
Glass Lewis, an independent proxy advisory firm, has also recommended that P&G shareholders vote for Nelson Peltz, stating that P&G's investors should have an opportunity to encourage "fresh discussion."
Copyright (c) 2017 CercleFinance.com. All rights reserved.