CINCINNATI — Procter & Gamble shareholders have turned down a shareholder proposal that would have required the company to produce a report on its charitable giving, the company reported at its annual meeting on Tuesday, Oct. 13.
The proposal came from the Bahnsen Family Trust, a private trust tied to David Bahnsen, founder of the Newport Beach, California-based Bahnsen Group. Speaking for the measure during the virtual meeting, Bahnsen raised concerns that the company’s support for LGBTQ+ organizations could hurt its brands, and argued the company should not be courting approval from activists.
P&G opposed the proposal, telling shareholders it already provides robust reporting on its contributions and that an additional report was unnecessary. Shareholders sided with the company, and the measure failed.
Two other shareholder proposals, both aimed at changing the rules for shareholder voting, also failed. In the routine business of the meeting, shareholders elected the company’s board, approved its audit firm and passed an advisory measure on executive pay. P&G said a detailed breakdown of the voting will be issued within a few days.
The vote is the latest example of the country’s largest consumer-products companies fielding socially charged proposals at their annual meetings — and of boards and investors alike preferring existing disclosure. Headquartered in downtown Cincinnati, P&G employs about 104,000 people worldwide, including about 10,000 in Greater Cincinnati, and makes household staples including Tide detergent, Pampers diapers, Gillette razors, Pantene shampoo and Olay skin care.