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  "documentTitle": "The Procter & Gamble Company (PG)",
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  "notes": "Uses a table to highlight the gap between director tenure and TSR performance.",
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      "text": "Most of the Company's independent Directors have been on the Board for at least 8 years (average/median tenure of approximately 9 years), and rather than being \"agents of change,\" they have overseen the Company at a time during which it has significantly underperformed its peers",
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      "text": "Most of the Company's independent Directors have been on the Board for at least 8 years... We therefore find it disappointing that the Board rejected adding Nelson... Trian has confirmed that NONE of the 13 CEOs... were contacted by P&G for a reference",
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      "text": "TSR: 346%",
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      "text": "Adding Nelson Peltz of Trian on our Board has the potential to derail the transformation we're leading at P&G... P&G has a diverse and experienced Board that is actively overseeing our transformation and will continue to be agents of change to improve P&G's global performance.",
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      "text": "\"Adding Nelson Peltz of Trian on our Board has the potential to derail the transformation we're leading at P&G... P&G has a diverse and experienced Board that is actively overseeing our transformation and will continue to be agents of change to improve P&G's global performance.\" — David Taylor, August 1, 2017",
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      "text": "Source: Bloomberg, SEC filings. TSR from date each Director joined the Board through 6/15/2017.",
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      "text": "P&G Has Underperformed Under this Board's Watch, Yet It Claims Unequivocally that Nelson Peltz Would Not Add Value",
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