Yahoo News 
P&G reviewing board seat recount; Trian calls it waste of time
Thomson Reuters
By Sruthi Ramakrishnan
(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)
See Also:
