Procter & Gamble
Descendants of P&G founders file ‘vote-no’ solicitation at P&G
On October 10, P&G will hold their 2023 AGM.
In addition to three shareholder proposals, the company is facing a ‘vote-no’ campaign. Uniquely, the genesis of this campaign isn’t from an investor nonprofit group like Majority Action: Nine descendants of the P&G founders filed a solicitation for investors this morning urging them to vote against the CEO, LID, Chair of the Gov and Public Responsibility Committee, as well as the longest tenured director. Their primary reasoning? “[F]ailure to respond to shareholder concerns regarding risks posed by forest degradation,” which, they argue, is “…a failure of strategy and corporate governance.”
Here’s the deforestation shareholder proposal, referenced in the solicitation, that received overwhelming support at the 2020 AGM:
This isn’t the first time these descendants have publicly come out against the company—but it is the first formal vote-no campaign they’ve filed via exempt solicitation, it appears.
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