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  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2017-09-06 00:00:00",
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  "notes": "The slide uses a contrast-based argument to frame the incumbent board as disconnected and underperforming compared to Trian's proposed governance standards.",
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      "kind": "callout",
      "text": "Nelson will look to make P&G best-in-class from a corporate governance perspective:",
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      "text": "The fact that P&G chose to engage in a proxy contest with Trian, rather than settle, speaks to the state of P&G’s corporate governance given:",
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      "text": "Trian asked for one Board seat and Nelson has committed to recommending that the Board reappoint the P&G nominee who is not re-elected\nTrian has substantial “skin in the game”… ownership of ~$3.5bn of P&G stock… as opposed to other independent Directors who collectively own less than $0.1bn of P&G stock\nNelson’s long track record of revitalizing CPG companies",
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      "text": "Creating long-term shareholder value: 9 of 10 independent Directors saw P&G’s stock significantly underperform peers on their watch (see page 9)\nDirect CPG experience on the Board: Nelson brings significant CPG experience to the Board. The existing Board has virtually no CPG experience outside of P&G\nSuccession planning: 3 CEO changes in the last 8 years. All 3 were internal candidates with NO external experience\nLong-term strategic planning: Long-term financial and strategic planning is ultimately the Board’s responsibility. Lack of a consistent strategy at P&G has been a key driver of market share losses\nAligning compensation to performance: Management has been paid generously – receiving around 100% of their annual target bonuses while P&G has underperformed. Nelson will seek to ensure the Company’s compensation program is aligned with shareholders’ interests",
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      "text": "Trian Strategic Initiative: Improve Corporate Governance",
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