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.

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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