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As of 2017, not a single element of P&G’s long-term compensation plan disclosed in the proxy statement measures performance RELATIVE to peers. 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We want to do a bit better than that consistently – David Taylor, P&G 2016 Analyst Day, November 18, 2016", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:18.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d17bdb2-10c6-4b5b-927e-6f421fa18a15", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.88, "x": 0.06, "y": 0.92 }, "kind": "source-note", "text": "Source: Company proxy statement, Capital IQ. (1) Consensus estimates from Capital IQ as of June 30, 2016. (2) According to the Company’s 2017 proxy statement, P&G’s 2017 long-term incentive plan consisted of a grant of time-vested options, time-vested restricted stock units and performance stock units that vest based on P&G’s achievement of four different absolute targets (regardless of P&G performance versus peers).", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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TSR at each of these companies has outperformed P&G – by 10% annually on average – since Trian invested", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:18.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e794a56f-3588-43b8-9705-aa71190a0c24", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "1) Arbitrary Time Frame... 2) \"Market Value Weighted Average\" TSR Methodology... 3) P&G Has Underperformed Under This Board's Watch...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:18.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a33a110a-daf2-478c-a7ea-affe240b62f1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "paragraph", "text": "Reality: Companies where Nelson serves as a director have meaningfully higher TSR than P&G's. Mr. Taylor's letter and methodology are highly misleading for the following reasons:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:18.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "545bf3f3-6b67-46bb-b71c-cca79327126e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "paragraph", "text": "P&G Spin: \"Since the CEO transition on November 1, 2015, our team has delivered total shareholder return (\"TSR\") of 27%...the weighted average return of the companies where Mr. Peltz serves as a Board member has been only 8%\" – Letter From David Taylor to Shareholders, 8/14/17", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:18.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6cd6625-cb8c-4763-89f4-3b99c0117fa3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: Bloomberg. 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Organize in Way That Promotes Accountability\nb. Ensure Management’s $12-$13bn “Productivity Plan” Delivers Results\nc. Fix The Innovation Machine\nd. Develop Small, Mid-Size & Local Brands\ne. Make M&A a Growth Strategy and a Core Competency\nf. Win in Digital\ng. Address Insular Culture\nh. Improve Corporate Governance", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:17.349+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "460b8b92-84b6-4b2e-9c03-a46e74911b77", "parentComponentId": null }, { "bbox": { "h": 0.8, "w": 0.9, "x": 0.06, "y": 0.12 }, "kind": "list", "text": "I. A Record of Underperformance\nII. Trian Strategic Initiatives: Regain Lost Market Share\nIII. 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I guess, to put it simply, [is P&G] now a structurally lower top line growth company, more in that 2% to 3% range?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:19.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49286571-93a4-46ca-b212-8a832cdff087", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.95, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Company filings, presentations, and investor calls. 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Organize in Way That Promotes Accountability\nb. Ensure Management’s $12-$13bn “Productivity Plan” Delivers Results\nc. Fix The Innovation Machine\nd. Develop Small, Mid-Size & Local Brands\ne. Make M&A a Growth Strategy and a Core Competency\nf. Win in Digital\ng. Address Insular Culture\nh. Improve Corporate Governance", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:19.676+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51b0cffe-6fbf-486b-b757-eb4af63f8fae", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.85, "x": 0.07, "y": 0.13 }, "kind": "list", "text": "I. A Record of Underperformance\nII. Trian Strategic Initiatives: Regain Lost Market Share\nIII. 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"list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:22.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e538d7b-16ad-4e88-a36c-2857d79c5291", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.87, "x": 0.08, "y": 0.61 }, "kind": "list", "text": "If sales resources report “hard-line” into GBUs then why do SMO Presidents and SMOs themselves exist?\nIf they do not report into GBUs or there is “dual-line” reporting, then there is not “End-to-End” accountability\nGiven limited transparency and public disclosure on P&G’s matrix structure, it is impossible to know what reality is from the outside (this is another reason why we are seeking a seat on the Board for Nelson Peltz)\nWhat we do know is that market share losses continue. Moreover, extensive due diligence and unsolicited feedback from recently retired P&G executives suggest changes are “incremental” at best:", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:22.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55a8e586-e120-4a75-bd27-347c0a2664ca", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.12, "y": 0.48 }, "kind": "list", "text": "Carolyn Tastad - President of North America SMO\nGary Coombe - President of Europe SMO\nJuan Fernando Posada - President of Latin America SMO\nMatthew Price - President of Greater China SMO\nMohamed Samir - President of India, Middle East, and Africa SMO\nMagesvaran Suranjan - President of Asia Pacific SMO", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:22.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7143d04b-dde8-4477-88ae-302af8ea7edf", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.87, "x": 0.08, "y": 0.36 }, "kind": "list", "text": "GBU leaders are allocated significant costs from corporate, diminishing “End-to-End” accountability\nIf GBUs truly “control” the sales force as P&G suggests, which GBUs do the following executive officers named in P&G’s 2017 Annual Report report to?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:22.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74156976-bfbe-460b-b29a-18308d2ee683", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.82 }, "kind": "quote", "text": "“PG is working on how to fine tune the Modus Operandi to create ‘more End to End’ that in reality is still a highly matrixed operation with plenty of shared services and shared accountability. This leads to a very long time for decisions to be made as many people need to input... Several people at the General Manager level have confirmed to me that while there is a push for change it all feels in reality ‘business as usual’” – Recently Retired GBU President, July 2017", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:22.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "467dbc7c-07cf-414c-9564-2becc6c2efdc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: Company filings and transcripts; recently retired P&G executives.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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growth by:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:20.542+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06dffa1f-7832-4e31-80ee-16dbdb633250", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.88, "x": 0.06, "y": 0.1 }, "kind": "callout", "text": "We believe P&G should organize into a lean holding company with 3 largely autonomous GBUs", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": 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{ "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:29.387+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6568d222-9f32-4bc1-a27d-7aa659d8d105", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.21 }, "kind": "list", "text": "$23bn represents ~29% of 2017 gross sales, and ~33% of net sales (excluding trade spend from the savings) – in Trian’s view an unrealistic target", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", 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Organize in Way That Promotes Accountability\nb. Ensure Management’s $12-$13bn “Productivity Plan” Delivers Results\nc. Fix The Innovation Machine\nd. Develop Small, Mid-Size & Local Brands\ne. Make M&A a Growth Strategy and a Core Competency\nf. Win in Digital\ng. Address Insular Culture\nh. Improve Corporate Governance", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:21:27.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "782d6f56-8784-4352-971f-b79fc6b833c7", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.85, "x": 0.07, "y": 0.13 }, "kind": "list", "text": "I. A Record of Underperformance\nII. Trian Strategic Initiatives: Regain Lost Market Share\nIII. 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