P&G CEO and chairman, corporate directors re-elected to board after challenge

By Jessica DiNapoli

NEW YORK (Reuters) -Procter & Gamble Co shareholders re-elected with more than 90% support the consumer goods company’s CEO and chairman, all of its current directors and a new member to the board at its annual meeting on Tuesday.

Environmental non-profits had urged shareholders to vote against CEO Jon Moeller as chairman, preferring an independent chair instead, and also opposed two directors, Angela Braly and Patricia Woertz.

The non-profits said that Cincinnati-based P&G has taken “insufficient action” to deal with the risks related to deforestation. Some investors such as the New York State Common Retirement Fund and New York City pensions backed the environmentalists’ efforts.

Investors at the meeting, which was held virtually, asked Moeller about what P&G is doing to prevent consumers from swapping out the company’s branded products for cheaper private label goods as inflation hits shoppers’ wallets.

Moeller said that P&G has products like Tide Pods at multiple price points, spanning from a Tide Power Pod at 50 cents to a Tide Simply Pod at 20 cents.

Wall Street analysts have noted in recent research reports that P&G is losing market share in some of its biggest categories like detergent, paper towels and diapers.

Moeller added that P&G is trying to educate consumers on the “mileage benefits” of its products – meaning they last longer – and the savings that accrue from them. P&G’s products like its Ariel detergent pods also help extend how long clothes last, Moeller said, reducing waste and costs for customers.

More than 100 shareholders attended the virtual meeting, Moeller said.

Shareholders also approved P&G’s executive compensation by more than 92%. Executive pay this year included a factor measuring how well the company performed in achieving environmental, social and governance (ESG) goals.

(Reporting by Jessica DiNapoli in New YorkEditing by Nick Zieminski)