P&G CEO and chairman, corporate directors re-elected to board after challenge

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NEW YORK — More than 90% re-elected Procter & Gamble Co shareholders are backing the consumer goods company’s CEO and chairman, all of its current directors and a new board member at its annual meeting on Tuesday.

The environmental nonprofits had urged shareholders to vote against CEO Jon Moeller as chairman, preferring an independent chairman instead, and also opposed two directors, Angela Braly and Patricia Woertz.

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The nonprofits said Cincinnati-based P&G had taken « insufficient steps » to address deforestation risks. Some investors such as the New York State Common Retirement Fund and New York City pensions have supported the efforts of environmentalists.

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Investors at the meeting, which was held virtually, asked Moeller what P&G was doing to prevent consumers from swapping the company’s branded products for cheaper private label products as inflation touched the wallets of buyers.

Moeller said P&G offers products like Tide Pods at multiple price points, ranging from a 50-cent Tide Power Pod to a 20-cent Tide Simply Pod.

Wall Street analysts have noted in recent research reports that P&G is losing market share in some of its biggest categories like detergents, paper towels and diapers.

Moeller added that P&G tries to educate consumers about the « mileage benefits » of its products — meaning they last longer — and the savings that come with it. P&G products, such as its Ariel detergent pods, also help extend the life of clothes, Moeller said, reducing waste and costs for customers.

More than 100 shareholders attended the virtual meeting, Moeller said.

Shareholders also approved P&G executive compensation more than 92%. This year, executive compensation included a factor measuring the company’s performance in achieving environmental, social and governance (ESG) objectives. (Reporting by Jessica DiNapoli in New York under the direction of Nick Zieminski)


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