Trian Partners Activist Presentation Deck
4. ESG: Bring PPG's Corporate Governance Up to Par with S&P 500
I
▪ PPG has a corporate governance
structure that affords shareholders few
rights, placing it out of step with the S&P
500
A 2018 shareholder proposal to
declassify PPG's Board received
overwhelming support (99% of votes
cast in favor), but insufficient voter
turnout resulted in the proposal's
failure... a greater effort should be
made to reach retail investors (1)
Shareholder Right
Annual Election of
Directors
Ability to Call Special
Meeting
Ability to Remove
Directors w/Majority Vote
% of S&P 500
With Right
89%
64%
84%
PPG?
×
X
(PPG has
classified board)
(No right to call
meeting or act by
written consent)
(80% supermajority
required to remove
directors)
Source: Company SEC filings; S&P 500 market data from FactSet Shark Repellent.net
(1) Proposals to amend the Company's Articles of Incorporation to declassify the Company's Board require approval from 80% of all outstanding shares; however, only 74% of
shareholders voted on the 2018 proposal (excluding broker non-votes).
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