After a Recount of Procter & Gamble’s Contentious Proxy Vote, Activist Investor Nelson Peltz May Get His Way
P&G might not win the biggest proxy battle in history after all
Activist investor Nelson Peltz, founding partner of hedge fund Trian Partners, may actually be victorious in his proxy battle with Procter & Gamble after all. Following an audit of the proxy votes by IVS Associates, the company has found that Peltz may have won the vote by a 0.0016 percent margin of shares (or roughly 42,780 shares).
“The results are still preliminary and are subject to a review and challenge period during which both parties will have the opportunity to review the results for any discrepancies,” said a representative for P&G in a statement. “P&G will disclose the final results after receiving the Independent Inspector of Elections’ [IVS Associates] final certified report, which we expect in the weeks ahead.”
P&G is one of the world’s largest marketers. At stake is a seat on the board of directors, which Peltz may now take instead of the presumed winner, the erstwhile president of Mexico, Ernesto Zedillo. With this board seat Peltz may have the leverage he needs to get the CPG giant to change and streamline its processes, something he has been lobbying for. Peltz’s Trian Capital already has a $3.5 billion stake in the company.
In response to requests for comment, a representative for P&G referred Adweek to the press release but did add that the final vote won’t be certified for several more weeks.
