Shareholders of Procter & Gamble Co. have voted down a proposal aimed at preserving current investor rights amid regulatory changes. The rejection came during the company's annual meeting on Tuesday, according to preliminary results.
The National Legal and Policy Center had put forward the proposal, seeking to maintain the company's acceptance of shareholder resolutions that meet the Securities and Exchange Commission's existing stock ownership requirements. The proposal failed to secure majority support.
The vote is significant as it reflects the broader debate over the SEC's push to overturn its decades-old shareholder proposal framework. The National Legal and Policy Center's proposal was an effort to maintain part of the current system while the regulator seeks to implement new rules.