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  "documentTitle": "The Procter & Gamble Company (PG)",
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  "authorName": "Nelson Peltz",
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  "notes": "Uses a quote from David Taylor to highlight the contradiction between stated market growth and internal targets.",
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      "kind": "callout",
      "text": "Compensation plan reflects P&G's insular culture. 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. Low Targets -> Weak Performance -> Lower Targets",
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      "kind": "callout",
      "text": "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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      "text": "Targeting 2.8% organic sales growth from 2016-2019. LOWER than expected market growth suggesting management is being paid in full for market share loss.",
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      "text": "Targeting 6.0% EPS growth from 2016-2019. Translates to bottom quartile EPS growth vs. peers, based on consensus estimates for 2016-2019",
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      "text": "Most recent 3-year long-term compensation targets (covering 7/1/16-6/30/19) pay management for market share losses and bottom quartile EPS growth",
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      "text": "Our markets today are growing somewhere between 3% and 3.5%. We want to do a bit better than that consistently - David Taylor, P&G 2016 Analyst Day, November 18, 2016",
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      "text": "“Our markets today are growing somewhere between 3% and 3.5%. We want to do a bit better than that consistently” — David Taylor, P&G 2016 Analyst Day, November 18, 2016",
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      "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).",
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      "text": "Management is Being Paid For, And the Board Accepts, Mediocrity",
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