Florida State Board of Administration, Tallahassee, will oppose the re-election of Ernesto Zedillo, former president of Mexico, to the Procter & Gamble Co. board of directors at Tuesday's annual shareholder meeting.
The board, which oversees $157.4 billion, cited in a statement that Mr. Zedillo “is employed full time and sits on boards at more than three public companies,” which “doesn't allow him to commit enough time” to P&G. according to John Kuczwanski, FSBA communications manager.
Mr. Zedillo — president of Mexico from 1994 to 2000 — is director of the Center for the Study of Globalization and professor in the field of international economics and politics at Yale University. He also serves as a director of Alcoa Inc., Citigroup Inc. and Promotora de Informaciones SA.
In addition, the Florida board is voting against two shareholder proposals calling for a political spending policy and a producer responsibility policy for post-consumer product packaging. The board supports a shareholder proposal to reduce a supermajority vote requirement to change bylaws.
The C$117.1 billion (US$119.9 billion) Ontario Teachers' Pension Plan, Toronto, supports election of all the company's director nominees, including Mr. Zedillo, and opposes all three shareholder proposals.
Institutional Shareholder Services recommends shareholders vote in favor of all nominees for director. ISS recommends opposing the political spending and packaging shareholder proposals, while it recommends supporting reduction in the supermajority voting requirement.
Procter & Gamble opposes all three shareholder proposals.