P&G board elections
This article was originally published in The Rose Sheet
Executive Summary
A shareholder proposal requesting annual elections of Procter & Gamble's board of directors was approved by a majority (56.2%) of participating voters during the company's Oct. 15 annual shareholder meeting. If adopted, the new scheme would replace the existing system, which involves staggered elections of directors, who are divided into three classes and serve three year terms. CEO A.G. Lafley noted the proposal is "advisory in nature and not binding on the board." The board will, however, take the vote into consideration, he notes. Similar non-binding proposal for Gillette's board of directors was voted on by Gillette shareholders in May (1"The Rose Sheet" May 19, 2003, In Brief)...