Tide detergent maker Procter & Gamble Co faces a challenge to its CEO Jon Moeller as its chairman of the board from environmental groups at its annual shareholder meeting on Tuesday, with some investors planning to vote against him in that role.
faces a challenge to its CEO Jon Moeller as its chairman of the board from environmental groups at its annual shareholder meeting on Tuesday, with some investors planning to vote against him in that role.
The groups have long targeted P&G for its reliance on virgin wood pulp to make paper products such as Charmin and Bounty.The groups request replacing Moeller with an independent chair. Trillium's chief advocacy officer, Jonas Kron, said in an email that investors have high expectations of P&G and its board after passing a shareholder resolution in 2020 calling for it to issue a report on how it could enhance efforts to end deforestation.Norway's sovereign wealth fund also plans to vote against Moeller, according to a voting notice on its website.
ISS said investors should take caution when supporting Moeller and the directors because of "ongoing concerns" regarding deforestation.
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