Procter & Gamble Co. on Monday urged shareholders to vote in favor of its director nominees at its coming annual meeting, and against activist investor Nelson Peltz. “Under the leadership of this board and management team, P&G has undertaken the most significant transformation in the company’s history and is executing a winning strategy that is working,” the board wrote in a letter to shareholders. Peltz does not understand the P&G of today, and is not the right director for its board, said the letter. A board seat is not an entitlement, it said. The company’s “rigorous selection criteria” for adding new directors has created a diverse board designed to oversee the company’s strategy. Peltz does not fit the criteria, it said. Shares were not yet active premarket, but have gained 10% in 2017, while the Dow Jones Industrial Average has gained 10% and the S&P 500 has gained 9%.
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