P&G(PG)2022-10-17 13:21Summary of Procter & Gamble Company 2022 Annual Meeting of Shareholders Company Overview - Company: The Procter & Gamble Company (NYSE: PG) - Date of Meeting: October 11, 2022 - Participants: Jon Moeller (Chairman, President, and CEO), Andre Schulten (CFO), Susan Whaley (Chief Legal Officer), and other board members and executives Key Points and Arguments Financial Performance - Fiscal 2022 Performance: - Organic sales grew by 7% - Core earnings per share increased by 3% - Currency neutral core earnings per share rose by 5% - Adjusted free cash flow productivity was at 93% [20][21] - Sales Growth: - Sales increased by 13% over the last two fiscal years and by 19% over the last three years - All 10 product categories experienced organic sales growth [20] - E-commerce Growth: - E-commerce sales rose by 11%, accounting for 14% of total company sales [21] Shareholder Returns - Value Returned to Shareholders: Nearly 8.8 billion in dividends and 0.9133 per share declared, marking 132 consecutive years of dividend payments and 66 consecutive years of increases [19][21] Strategic Focus - Integrated Strategies: - Emphasis on a focused portfolio of daily use products, superior performance, and productivity to drive growth and value creation [23][24] - Response to Inflation: - Commitment to delivering superior value through product performance and pricing strategies to mitigate inflation impacts [39] - Sustainability Initiatives: - Integration of sustainability into product and supply chain innovations [31][33] Governance and Board Composition - Board of Directors: - 11 nominees for election, with 45% being women and 45% identifying as ethnically or racially diverse [12][13] - Independent Auditor: - Ratification of Deloitte and Touche as the independent registered public accounting firm received at least 94% support [36] Challenges and Market Conditions - Operating Environment: - Acknowledgment of ongoing operational cost and currency challenges, alongside inflation levels not seen in 40 years [23][51] - Market Position: - Stock price performance aligned with broader market trends, influenced by geopolitical situations and inflation [51][52] Community Engagement - Disaster Relief Efforts: - Deployment of products to assist Hurricane Ian victims, demonstrating commitment to community support [45] - Social Responsibility: - Focus on equality and inclusion, with efforts to support various social programs while maintaining business success [73][74] Additional Important Content - Future Strategy: - Plans to enhance supply chain resilience, digital capabilities, and employee value propositions to strengthen overall business performance [30][31] - Consumer Education: - Initiatives to educate consumers on product value and performance, particularly in the context of rising costs [39][59] - Political Contributions: - Clarification on P&G's bipartisan political action committee and its focus on long-term business interests [60][61] This summary encapsulates the key discussions and outcomes from the Procter & Gamble Company’s 2022 Annual Meeting of Shareholders, highlighting financial performance, strategic initiatives, governance, and community engagement efforts.