October 5, 2017 / 11:37 PM / 14 days ago

CalSTRS says it supports Nelson Peltz nomination to P&G board

(Reuters) - The California State Teachers’ Retirement System (CalSTRS) said on Thursday it would support the nomination of Nelson Peltz, chief executive of Trian Fund Management, to the board of directors at Procter & Gamble Co (PG.N).

Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake

“CalSTRS believes the addition of Peltz to the board is best for P&G, the CalSTRS fund and ultimately, the teachers of California,” CalSTRS Director of Corporate Governance Anne Sheehan said in a statement.

The U.S. public pension fund holds close to 5.6 million shares of P&G stock valued at about $508 million, and has been an investor with Trian since April 2011, the fund said in a statement.

P&G could not be immediately reached for comment outside regular business hours.

Reporting by Munsif Vengattil in Bengaluru; Editing by Richard Chang

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