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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 a 'P&G Spin' vs 'Reality' structure to frame the argument.",
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      "kind": "callout",
      "text": "The following table shows performance during Trian's ENTIRE involvement with each company. TSR at each of these companies has outperformed P&G – by 10% annually on average – since Trian invested",
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      "kind": "list",
      "text": "1) Arbitrary Time Frame; 2) \"Market Value Weighted Average\" TSR Methodology; 3) P&G Has Underperformed Under This Board's Watch",
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      "kind": "paragraph",
      "text": "Reality: Companies where Nelson serves as a director have meaningfully higher TSR than P&G's. Mr. Taylor's letter and methodology are highly misleading for the following reasons:",
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      "kind": "paragraph",
      "text": "P&G Spin: \"Since the CEO transition on November 1, 2015, our team has delivered total shareholder return (\"TSR\") of 27%...the weighted average return of the companies where Mr. Peltz serves as a Board member has been only 8%\" – Letter From David Taylor to Shareholders, 8/14/17",
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      "kind": "source-note",
      "text": "Source: Bloomberg. TSR calculated from date of Trian investment through the earlier of 6/15/2017...",
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      "text": "Trian Consumer Investments with Nelson Peltz on the Board table showing TSR during Trian's investment vs P&G's same time frame",
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      "kind": "title",
      "text": "Consumer Companies with Nelson on the Board Have Consistently Outperformed P&G",
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