September 27, 2017
Biggest All-Time Proxy Fight: Coming Down to Retail Holders?
This Reuters article talks about how the biggest proxy fight in history – the one involving Procter & Gamble – might come down to the retail shareholder:
The majority of votes for or against the nomination of Peltz, chief executive and founding partner of Trian Partners, to P&G’s board will be cast by massive index investors such as Vanguard Group and BlackRock. But small shareholders could tip the balance in a tight vote.
As a result, both P&G and Trian are spending unprecedented amounts of money and effort courting Neubecker and his fellow retail holders; by email, old-fashioned paper mail and even social media. Like most individual shareholders who vote in corporate elections, Neubecker is backing management.
Meanwhile, Equilar has conducted this analysis of P&G’s current board composition in context with broader issues shareholders and investor advisors take into account when choosing how to vote, including diversity, age, tenure and other board commitments.
– Broc Romanek