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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": "Uses red circles to highlight poor performance percentiles and green circles to highlight low PSP payouts.",
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      "kind": "callout",
      "text": "For the 2016-2019 PSP plan, management is targeting 2.8% organic sales growth, below expected market growth. Rather than improving performance, the Board decided to lower the bar.",
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      "text": "The Board’s decision to pay management ~100% of their annual bonuses on average should indicate that P&G’s performance is somewhat in line with long-term objectives. However, this is clearly not the case as P&G has continuously missed their long-term performance targets reflected in the Performance Stock Program (PSP) (see green circles below). In fact, P&G’s organic growth performance vs. peers has sequentially declined in each of the last five rolling 3-year plans from 29th percentile to 8th percentile (see red circles below). Despite low PSP payouts, overall long-term compensation has been buffered by significant time-vested restricted stock and option grants.",
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      "text": "Organic Sales Growth Percentile Rank: 8th",
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      "text": "Source: SEC filings, Company proxy statements",
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      "text": "P&G's Performance Against 3-Year Targets (Tables Directly from P&G Proxy Statements)",
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      "kind": "title",
      "text": "Despite Achieving ~100% of Annual Bonuses Over Time, Management Rarely Achieves Many of The Long-Term Performance Targets...Does the Board See the Disconnect?",
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