Trian Partners Activist Presentation Deck
Shareholders Need to Ask: Did the Board Give Fair Consideration to Adding Nelson, Before
Choosing to Spend an Estimated $100mm+ of Shareholder Money to Keep Him Off the Board
▪ Despite the benefits of adding Nelson to the Board, the request was rejected on the
spot at both meetings held with independent Directors - without feedback from the
meetings being presented to the full Board
■
Notably, P&G did not allow Nelson to meet the entire Board prior to turning down
the request. He only met with two independent Directors in person and one by phone
(Nelson offered to visit all Directors individually or in group sessions, whenever it might
be convenient for them)
The Board decided to spend an estimated $100mm+ of shareholder money
engaging in a proxy contest, while 8 out of 11 Directors have not even met Nelson
Peltz in person
"They can take all those fees and save them and put this man on the Board who's
done more homework than anyone else - and he'll give you this homework for
free! Memo to Procter & Gamble: Peltz is cheaper than all of those advisors and
knows the space." - Jim Cramer, CNBC 'Squawk on the Street, 27 July 2017
Source: SEC filings.
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