Proxy Blog

The Procter & Gamble Company

September 15, 2020

The annual proxy for this consumer goods manufacturer had the following proposals: 

  1. Proforma votes on directors, appointment of auditors, and compensation 
  2. Board proposals on International Stock Ownership Plan 
  3. Shareholder proposals on report on efforts to eliminate deforestation and annual report on diversity 

Magni voted as follows: 

  1. For and against proforma proposals.
    For directors – The disclosures in the proxy meet the criteria in Magni’s policy on election of directors.
    -For auditors – The company meets the criteria in Magni’s policy on auditor ratification.
    -Against compensation- The disclosures in the proxy did not meet the criteria in Magni’s policy on the advisory vote. 
  2. For board proposal on International Stock Ownership plan – The proposal meets the criteria in Magni’s policy on incentive plans. 
  3. For shareholder proposals
    For report on efforts to eliminate deforestation – The shareholder proposal identified small but important deficiencies in the company’s environmental policy. The board response did not address the deficiencies.
    -For annual report on diversity – The shareholder proposal identified a lack of transparency on diversity data. The company does not post or link to EEO-1 data (i.e., the required data submission to the US government). The board response did not address the topic of EEO-1 data. If the company published the data, linked to the data, or committed to publishing it, then Magni would have voted against the proposal.