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  "docSlug": "7d9053872d30",
  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "shareholder-letter",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-21 00:00:00",
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  "notes": "The slide uses a table to expose the poor performance of individual P&G directors compared to their peers, directly contradicting P&G's 'world-class board' narrative.",
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      "kind": "callout",
      "text": "The reality is that 9 out of 10 of P&G’s independent directors have seen the Company underperform peers since they were appointed.",
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      "kind": "disclaimer",
      "text": "(Please see slide 9 of “Trian’s White Paper on P&G”, which was filed with the SEC on September 6, 2017, and is available at www.RevitalizePG.com)",
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      "kind": "list",
      "text": "The chart on page 1 of this presentation shows that every single company on which Nelson Peltz has served as a director has dramatically outperformed P&G during the period of Trian's involvement",
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      "text": "TSR: 346%",
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      "kind": "paragraph",
      "text": "Ignores P&G's Poor Shareholder Returns Under Its Directors' Oversight: We have stated several times that we are not looking to replace David Taylor. We are looking to become 1 of 12 directors on P&G's board...",
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      "kind": "paragraph",
      "text": "Arbitrary Time Frame: Why would David Taylor's tenure at P&G be the right time frame for evaluating TSR at companies where Nelson Peltz has served as a director?",
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      "kind": "paragraph",
      "text": "Ignores P&G's Stock Price Performance the Year Prior to David Taylor: In the year prior to David Taylor becoming CEO, P&G's stock price underperformed peers by 31%...",
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      "kind": "paragraph",
      "text": "We note that the detail behind the varying methodologies was not disclosed to shareholders until after we pointed out the misleading claims made by P&G concerning the TSR of companies where Nelson has served on the boards.",
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      "kind": "table",
      "text": "P&G Director Tenure (yrs) P&G TSR During Tenure Peers TSR During Tenure(2) Difference",
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