Activist investor Nelson Peltz could gain a seat on Procter & Gamble’s board after a recount of the votes revealed the Trian Fund boss received a tiny majority in the proxy vote, according to a report published by Fortune.
The recount revealed a slim majority of 42,780 votes for Peltz, equivalent to 0.0016 percent of P&G’s outstanding shares. As a result, Pelt is calling on the US FMCG giant to grant him a seat.
According to Fortune, P&G may yet appeal. The proxy battle is said to be the biggest in history, with the two sides spending more than US$100 million to convince investors to side with them.