Trian: P&G board election results 'too close to call'
Trian Fund Management, whose investment funds beneficially own approximately $3.5B of shares of The Procter & Gamble Company, issued a statement regarding the preliminary voting results from the 2017 Annual Meeting of Shareholders that P&G filed today with the Securities and Exchange Commission on a Current Report on Form 8-K: "IVS Associates, Inc., P&G's independent Inspector of Elections, is in the process of tabulating all the proxies and ballots submitted at the Annual Meeting in accordance with Ohio law and has yet to deliver its preliminary report let alone a final certified report of the voting results. The preliminary voting results P&G filed today, and relied on to declare victory at the Annual Meeting, are based on estimates and incomplete information reported by the Company's proxy solicitors and were calculated without full visibility into the proxies submitted by Trian to the Inspector. Trian continues to believe that the election is too close to call. We are gratified by the overwhelming support we received from P&G shareholders - including the large majority of institutional investors - and all of the nation's proxy advisory firms. Regardless of the final voting results, shareholders have sent a strong message to P&G's Board and management: a continuation of the past decade's underperformance is simply unacceptable. We look forward to reviewing the preliminary report from the independent Inspector of Elections and will take all steps to ensure accurate final voting results."