CalSTRS Statement of Support for Nelson Peltz for P&G Board
WEST SACRAMENTO, Calif. – CalSTRS Director of Corporate Governance Anne Sheehan made the following statement regarding the organization’s intent to support the nomination of Nelson Peltz to the board of directors at Procter & Gamble (NYSE:PG).
“CalSTRS has expressed its intention to support Nelson Peltz, CEO and Founding Partner of Trian Fund Management, in his nomination to the Procter & Gamble board. CalSTRS holds close to 5.6 million shares of P&G stock valued at approximately $508 million and has been an investor with Trian since April 2011. Mr. Peltz’s experience in the consumer product space will add value to Procter & Gamble’s board and his significant stake in the company will bring an owner’s perspective inside the boardroom. CalSTRS believes the addition of Mr. Peltz to the board is best for P&G, the CalSTRS fund and ultimately, the teachers of California.”
The California State Teachers’ Retirement System, with a portfolio valued at $213.7 billion as of August 31, 2017, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. CalSTRS serves California’s more than 914,000 public school educators and their families from the state’s 1,700 school districts, county offices of education and community college districts.