Procter & Gamble’s (NYSE:PG) (P&G) stock appreciated solidly during the quarter as a large shareholder sought a position on the board of directors in a proxy battle against the company. We publicly supported the addition of this highly qualified individual, especially because we felt he would bring an owner’s mentality to the Board. It appears at this time that the director candidate we supported will narrowly miss being added to the Board, but we believe the proxy fight has placed P&G under significant pressure to perform or transform.
From Yacktman Fund (Trades, Portfolio)'s third-quarter 2017 shareholder commentary.
