• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Despite a $45 million net worth, Big Bang Theory star Kunal Nayyar still works tough, 16-hour days—he repeats this mantra when he's overwhelmed

2

A $1,000 loan kept MacKenzie Scott in college—now the billionaire philanthropist is giving away her $37 billion fortune to pay it forward

3

Mark Cuban wants to solve wealth inequality by making employers choose between paying higher taxes or giving every member of staff company stock

1

Despite a $45 million net worth, Big Bang Theory star Kunal Nayyar still works tough, 16-hour days—he repeats this mantra when he's overwhelmed

2

A $1,000 loan kept MacKenzie Scott in college—now the billionaire philanthropist is giving away her $37 billion fortune to pay it forward

3

Mark Cuban wants to solve wealth inequality by making employers choose between paying higher taxes or giving every member of staff company stock
Leadership

The Most Expensive Boardroom Proxy Battle in History Just Took a Massive Twist

By
David Meyer
David Meyer
Down Arrow Button Icon
By
David Meyer
David Meyer
Down Arrow Button Icon
November 16, 2017, 5:28 AM ET
Video Poster
Add Fortune on Google for similar content.

When activist investor Nelson Peltz heard last month that he had lost his epic battle to gain a seat on the board of Procter & Gamble, the Trian Fund Management CEO wasn’t so sure. He told Fortune that the proxy vote was really too close to call, and he might actually have eked it out.

Peltz may have been right. After a recount Wednesday, it turned out that he had a margin of 42,780 votes—representing just 0.0016% of P&G’s outstanding shares. Peltz has called on the company to let him in, but P&G has hinted that it may challenge the result.

This has been the biggest proxy battle in history. According to Reuters, the two sides spent more than $100 million trying to make their cases to investors.

Trian’s big argument is that P&G, which has been divesting well-known brands such as Duracell, needs to change faster to deliver better-performing products that achieve growth and offer shareholders better returns than they’d get with P&G rivals Colgate Palmolive and Unilever.

New-ish P&G CEO David Taylor, meanwhile, has pushed back on the basis that the Tide and Gillette-maker is already undergoing a turnaround, and Peltz would throw a wrench into the process.

“Trian strongly urges P&G to accept the Inspector’s tabulation and not waste further time and shareholder money contesting the outcome of the Annual Meeting. Shareholders have voted, and they have indicated that they want Nelson Peltz to join the Board,” Trian said in a statement.

However, P&G said that “the results are still preliminary and are subject to a review and challenge period during which both parties will have the opportunity to review the results for any discrepancies.”

P&G said it expected to see final results “in the weeks ahead,” according to the Financial Times.

About the Author
By David Meyer
LinkedIn icon
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Leadership


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Leadership


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.