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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 87,
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  "slideType": "expose_contradiction",
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  "notes": "Uses a Jim Cramer quote to reinforce the argument that the board's opposition is irrational and costly.",
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      "kind": "callout",
      "text": "The Board decided to spend an estimated $100mm+ of shareholder money engaging in a proxy contest, while 8 out of 11 Directors have not even met Nelson Peltz in person",
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      "text": "Notably, P&G did not allow Nelson to meet the entire Board prior to turning down the request. He only met with two independent Directors in person and one by phone (Nelson offered to visit all Directors individually or in group sessions, whenever it might be convenient for them)",
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      "kind": "list",
      "text": "Despite the benefits of adding Nelson to the Board, the request was rejected on the spot at both meetings held with independent Directors – without feedback from the meetings being presented to the full Board",
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      "kind": "quote",
      "text": "They can take all those fees and save them and put this man on the Board who’s done more homework than anyone else – and he’ll give you this homework for free! Memo to Procter & Gamble: Peltz is cheaper than all of those advisors and knows the space. – Jim Cramer, CNBC ‘Squawk on the Street’, 27 July 2017",
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      "kind": "source-note",
      "text": "Source: SEC filings.",
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      "kind": "title",
      "text": "Shareholders Need to Ask: Did the Board Give Fair Consideration to Adding Nelson, Before Choosing to Spend an Estimated $100mm+ of Shareholder Money to Keep Him Off the Board",
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