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The Procter & Gamble Company and the Biggest Corporate Proxy Fight in US Corporate History
內容大綱
The Procter & Gamble Company (P&G) was facing a proxy attack from Trian Fund Management, L.P. (Trian) after Trian declared a US$3.5 billion position in P&G, equivalent to a 1.5 per cent shareholding, in February 2017. The fund manager called for a reorganization of the company to improve its performance and for a seat on P&G’s board of directors for Trian’s co-founder Nelson Peltz. Over the next few months, both parties discussed Trian’s proposals, but the negotiations broke down in July 2017, and the conflict became public. Trian announced it would put its demands to a vote during the annual shareholder meeting in October. A month before the meeting, P&G CEO David Taylor had to make a recommendation to the board: should the company accept or rebuff Trian’s attempt at gaining influence?
學習目標
This case is designed for undergraduate- and graduate-level programs on organizational behaviour, corporate strategy, or corporate governance. The case is also an opportunity to integrate themes relevant to leadership, decision-making, and improving governance in an organization. After working through the case and assignment questions, students will be able to discuss<ul><li>the corporate strategy of P&G;</li><li>the various corporate strategies and structures that organizations use to achieve their goals;</li><li>the (dis)advantages of a stand-alone corporate entity within an organization; and</li><li>the various reporting lines and authorities within P&G and the impacts they may have on the company’s goals.</li></ul>