Procter & Gamble stockholders rejected a proposal pitched by an investor to generate a report on its charitable giving, company, officials reported during itsannual shareholder meeting.
The measure was advocated by the Bahnsen Family Trust, a private trust associated with David Bahnsen, the founder and managing partner of the Bahnsen Group, a Newport Beach, California, private wealth management firm. He expressed concern that P&G's support of LGBTQ+ groups could cause the company "brand damage."
Investor David Bahnsen spoke in favor of the measure opposed by P&G
P&G opposed the measure, saying it already provides "robust" reporting of its contributions.
"P&G does not need to seek applause from activists," Bahnsen said during the annual meeting, which was held virtually on a webcast.
P&G officials reported the measure,
along with two other shareholder proposals to alter rules for shareholder voting, failed.
Shareholders approved routine measures electing the board, approving the company's audit firm and an advisory measure on executive pay. Company officials said a detailed report on the voting would be issued in a few days.
What is Procter & Gamble?
Based in downtown Cincinnati, P&G employs 104,000 workers worldwide, including 10,000 in Greater Cincinnati.
The company is known for several products in consumers’ kitchen pantries and medicine cabinets, including Tide detergent, Pampers diapers, Gillette razors, Pantene shampoo and Olay moisturizer.
This article originally appeared on Cincinnati Enquirer: P&G shareholders kill proposal by investor uneasy about LGBTQ giving
