10/13/2021
P&G's 2021 Annual Meeting of Shareholders
Today P&G held our 2021 Annual Meeting of Shareholders, held virtually again this year to protect the health and well-being of P&G employees and shareholders and to enable a broad range of shareholders to participate without traveling.
You can view today’s press release here, and results are summarized below, all according to preliminary voting results.
Board Elections and Proposals
P&G shareholders elected all 12 P&G Director nominees, including Mr. Kempczinski and 11 incumbent Directors, with each receiving more than 90 percent support according to preliminary voting results. P&G’s Board is comprised of eminently qualified individuals who bring seasoned judgment and a variety of skills and experiences with them into the boardroom. The elected Directors are also demographically diverse—50% women and 33% multicultural—with a mix of tenure, age, and industry experience.
Directors Francis S. Blake, W. James McNerney, Jr. and Nelson Peltz retired from P&G's Board today. Mr. Blake and Mr. Peltz have served the Company for seven years and three years respectively, and Mr. McNerney has been a member of P&G’s Board of Directors for 18 years, serving the Company and its shareholders as Lead Director since 2007. At the meeting, David Taylor thanked each of them for their dedicated service and commitment to P&G and its shareholders.
Shareholders also passed both Board proposals and voted against a shareholder proposal requesting that the initial list of candidates from which new director nominees are chosen include current or past P&G non-management employees. The robust Director candidate assessment and selection process that our Board follows has resulted in the diverse set of active, capable, and diligent Board members elected by P&G shareholder vote today. We’re proud that P&G employees have a variety of channels to communicate with senior leadership and the Board of Directors, and we ensure through our annual employee survey that our senior leaders and our Board are aware of any issues of particular concern to our employees.
Dividend Declared
After discussion of Board and shareholder proposals and shareholder voting, P&G’s Chairman of the Board, President and CEO David Taylor announced that the Board of Directors declared P&G's latest quarterly dividend of $0.8698 per share. P&G has been paying a dividend for 131 consecutive years since its incorporation in 1890 and has increased the dividend for 65 consecutive years.
Chairman’s Report on the Business
CEO David Taylor shared an address noting that while the year we just completed was marked by uncertainty, volatility, and challenge, both for our Company and for many of us personally, P&G people continued to step up and step forward to keep each other safe, to serve consumers, and to support communities around the world.
Importantly, these priorities are completely congruent with our long-term strategic choices. This integrated strategy was delivering strong results before the crisis, it is serving us well during the pandemic, and we believe it will continue to serve us well after the crisis through:
- a portfolio of daily-use categories where performance drives brand choice;
- superiority across product, package, brand communication, retail execution and value;
- productivity in all areas of cost and cash;
- constructive disruption in all facets of our operations; and
- a more agile, accountable, and empowered organization.
David closed the meeting by expressing his appreciation for shareholders' confidence and support and thanking those who have been long-term holders of P&G stock.
A replay of the webcast of the Shareholders Meeting will be available at www.pginvestor.com/event.
See https://www.pginvestor.com/event for the Annual Meeting of Shareholders held October 12, 2021, the associated webcast presentation, definitions of non-GAAP measures and reconciliation to the most closely related GAAP measure, as well as cautionary information on forward-looking statements, which are based on current assumptions and subject to risks and uncertainties that may cause actual results to differ materially.
