November 22, 2017 / 2:54 PM / a year ago

P&G reviewing board seat recount; Trian calls it waste of time

Nov 22 (Reuters) - Procter & Gamble Co said on Wednesday it was reviewing a recount of a shareholder vote that showed activist investor Nelson Peltz had narrowly won a seat on the company’s board.

Peltz-led Trian Fund Management said on Wednesday it was disappointed by P&G’s decision to contest the vote.

“This is a review and not a challenge, an important distinction. Our goal is simply to ensure all votes are counted and counted accurately,” P&G spokesman Damon Jones told Reuters in an email.

Peltz claimed victory after a preliminary tally of votes was released last week, but P&G had refused to concede and said it wants to see a certified result before declaring a winner.

“Regardless of how they voted, P&G shareholders should be concerned that P&G has opted to waste further time and shareholder money contesting the official tabulation of the independent Inspector”, Trian said in a statement.

Trian asked P&G to reconsider its decision to review and immediately give Peltz a seat on the company’s board. (Additional reporting by Uday Sampath in Bengaluru; Editing by Bernard Orr)

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