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Procter & Gamble faces a challenge to CEO Mueller as chairman of a board of environmental experts and investors By Reuters

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© Reuters. FILE PHOTO: The Procter & Gamble Co. logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, US, June 27, 2018. REUTERS/Brendan McDermid/File Photo

By Jessica DiNapoli

NEW YORK (Reuters) – Detergent maker Procter & Gamble (NYSE) is facing a challenge to CEO John Mueller as its chairman from environmental groups at Tuesday’s annual shareholder meeting, as some investors plan to vote against him. him in this role.

Environmental nonprofits including Friends of the Earth and the Natural Resources Defense Council (NRDC) have urged shareholders to vote against Mueller as chairman and oppose two other board members because they say P&G has taken “inadequate action” to deal with risks related to removing the forests in their supply chain.

Groups have long targeted Procter & Gamble for their reliance on virgin wood pulp to make paper products such as Charmin and Bounty.

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The groups are asking for Mueller to be replaced by an independent president.

New York State’s joint pension fund, New York City pension funds and socially responsible investment firm Trillium Asset Management plan to vote against Mueller and its two directors, Angela Braley and Patricia Wirtz, according to shareholder representatives and voting prospects. Braley chairs the Committee on Governance and Public Responsibility and Wirtz is a member of that committee.

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 produce a report on how to advance efforts to end deforestation.

“The Board’s actions so far with regard to deforestation have not been sufficient,” he said.

Norway’s sovereign wealth fund also plans to vote against Muller, according to a vote notice on its website. In its voting guidelines, the fund says it does not support a CEO who also serves as the chair of the board. The spokesman declined to make further comments.

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Institutional Shareholder Services and Glass Lewis, two companies that make widely followed voting recommendations to investors, said shareholders should support Mueller and managers.

The ISS said investors should exercise caution when supporting Mueller and managers due to “persistent concerns” about deforestation.

Last year, the Natural Resources Defense Council also asked investors to vote against Brale. She got fewer votes than other directors but they all got more than 90% approval.

Procter & Gamble said this summer in an update that it will aim to end purchases of pulp, a key ingredient in bestselling Charmin’s toilet paper, from some forests in Canada and will make a plan to reduce purchases of raw materials from other stretches of forest. .

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Tesla is preparing to bring out the short Model Y in China as demand fades

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Tesla (TSLA) – Get a free report China will suspend production of its Model Y sedan during the last week of the year, reports said Friday, adding to concerns about weak demand in the world’s largest auto market.

Reuters reported on Friday that the Model Y production suspension will begin December 25 and run through January 1, according to a company note, and will eventually reduce production of the sedan by about 30% from November levels.

The move would be the first time Tesla has voluntarily reduced production levels since the factory opened in 2018, despite Covid restrictions and scheduled maintenance that curtailed production earlier this year.

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Telecom Italia piques investor interest as government reviews network options, by Reuters

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© Reuters. FILE PHOTO: The Team logo is seen at the company’s headquarters in Rome, Italy on November 22, 2021. REUTERS/Yara Nardi/File Photo

Written by Elvira Polina and Giuseppe Fonte

Milan (Reuters) – Telecom Italia BIT 🙂 (TIM) is exploring investor interest in buying its assets, sources familiar with the matter said on Friday, as officials within Italy’s right-wing government seek agreement on how to fix the debt-laden company’s problems. The Italian government said last month that it would seek to identify the “best market-friendly options” by the end of the year to counter ailing TIM, and laid out a planned bid for the group’s telephone network by state lender CDP.

The discussed multi-billion dollar deal, part of a broader project to create a unified Italian network company with CDP’s broadband unit Open Fiber, was a focal point of CEO Pietro Labriola’s strategy to split TIM into several units and cut €25 billion ($26.4 USD) . billion) debt pile.

Labriola is looking to prepare for any outcome of the talks within the government. Three informed sources told Reuters that the executive had been working privately with US fund KKR recently. The sources said the US fund, which already owns a stake in TIM’s last-mile network and had a bid to take over TIM as a whole that was rejected this year, recently renewed interest in tightening its grip on TIM’s terrestrial network. TIM has also made contacts with other potential investors interested in buying into its domestic service operations, including French telecoms group Iliad and Poste Italiane, the sources said.

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Any deal involving foreign investors and TIM assets would be subject to government scrutiny under “golden power” regulation, which gives Rome the possibility to block the deal.

According to sources, at least two have expressed interest in TIM’s Brazil-listed subsidiary TIM SA. However, in Labriola’s view, selling a unit that generates about 30% of the group’s underlying profit could be dangerous to TIM’s credit rating, unless it comes up with an excellent rating, according to People. Telecom Italia, KKR, Poste and Iliad all declined to comment.

Discussions within Prime Minister Giorgia Meloni’s administration focus on how to take control of TIM’s precious landline network, an asset considered strategic. The government has not yet started talks with TIM stakeholders – including major investor Vivendi (OTC:). Raising cash to reduce debt and shore up its finances is key for TIM, which has been under pressure for years in its highly competitive domestic market and hit by multiple credit rating downgrades to junk territory over the past year.

($1 = 0.9475 euros)

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Alphabet’s Google has a huge problem with its Ads Manager

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It may be a boon for readers, but it is a boon for Alphabet (The Google) – Get a free report Google is having trouble with its Ads Manager, which is an essential part of the search giant’s business.

The company posted a message on the Google Ads Status dashboard shortly after 8pm EST, saying “We are investigating reports of an issue with Google Ad Manager… Ads Manager is not serving ads to affected users.”

The message added that affected users They are able to access the Google Ad Manager, but error messages, long response times, and/or other unexpected behaviors appear. “

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