THE WHAT? Holders of Procter & Gamble stock are calling on the US FMCG giant to name an independent chair, according to a report published by Investment Week.
THE DETAILS Tulipshare, the organisation behind a proposal demanding that P&G look into the deforestation and primary forest degradation occurring along its supply chain in 2020, is claiming that the manufacturer of Olay has made zero progress on the issue and is currently targeting primary forests to harvest palm oil for its products. Procter & Gamble was awarded an ‘F’ rating for adaptation of deforestation policies by the Rainforest Action Network, Investment Week reports.
THE WHY? This is not the first time that concerns over the board’s commitment to environmental issues have been raised by shareholders. An independent chair is necessary to help deliver on deforestation targets, Tulipshare claims, per Investment Week.