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  "docSlug": "d34e3ebbefa07bda41cee30322b1331a",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 86,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 25,
  "notes": "The slide uses red circles to highlight declining performance percentiles and green circles to highlight low PSP payouts, contrasting these with the headline claim about annual bonuses.",
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  "slideHref": "/slides/019de06f-8727-7305-aa8a-0f1cc9311f88/86",
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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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      "kind": "source-note",
      "text": "Source: SEC filings, Company proxy statements",
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      "kind": "table",
      "text": "PSP Performance tables for 2010-2013, 2011-2014, 2012-2015, 2013-2016, and 2014-2017.",
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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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