Environmental Groups Are Not Happy With P&G's Sourcing Of Pulp & Palm Oil; Opposes Board Re-Election

Environmental Groups Are Not Happy With P&G's Sourcing Of Pulp & Palm Oil; Opposes Board Re-Election
  • Environmental groups nudge Procter & Gamble Co PG investors to take a relook and vote against the re-election of CEO Jon Moeller as board chairman.
  • The appeal has come in the wake of the accusation that the company used excess virgin wood pulp in its paper products.
  • In an SEC filing, Friends of the Earth said evidence stemming from the company's pulp and palm oil supply chains, shows it continues to drive deforestation and the degradation of primary forests in the Canadian boreal and tropical rainforests.
  • The activist groups have also opposed two other company directors.
  • Natural Resources Defense Council (NRDC) has been vocal against the consumer products company's production and sourcing practices for several years, Reuters reported.
  • Environmental nonprofits have urged the shareholders to vote against Board Chair/CEO Jon Moeller, Angela Braly, and Patricia Woertz.
  • Investors are set to vote on the re-election of P&G's directors at its annual meeting on October 11.
  • Price Action: PG shares are trading lower by 0.17% at $137.76 in premarket on the last check Tuesday.
  • Photo Via Company

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