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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 34,
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  "notes": "Trian Partners activist deck slide criticizing P&G's organizational structure.",
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      "kind": "callout",
      "text": "Allocated Costs Create Numerous Challenges:",
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      "kind": "list",
      "text": "Diminishes Morale of GBU Leaders: Lessens ability to optimize resource allocation, fund growth and control costs. Complexity from managing the matrix overwhelms focus on growing revenue and profit.",
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      "text": "Leads to Excessive Costs: Executives who oversee allocated costs report to Corporate, not the GBU leaders who are best positioned and incentivized to grow revenue and optimize expenses.",
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      "text": "If GBU leaders (who theoretically “own the P&L”) controlled 100% of their costs, their incentives would be clear: fund growth investments, optimize costs and maximize profits. But because P&G is highly matrixed, GBU leaders are “allocated” significant costs from Corporate Functions, GBS and SMOs that are outside their control. We believe there are billions of dollars of such allocated costs at P&G. Understanding and addressing these costs would be one of Nelson’s primary goals on P&G’s Board",
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      "kind": "paragraph",
      "text": "For a company of P&G’s size, there will always be allocated costs. Trian’s goal is to minimize the amount of these costs by empowering GBUs to agree on allocations or find better alternatives",
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      "text": "Highly Matrixed = Allocated Costs = Diminished Morale",
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