The Wall Street Journal: Activist Nelson Peltz wins more backing in battle against Procter & Gamble

Less than two weeks before the largest proxy vote in history, activist Nelson Peltz got a key boost in his high-profile fight against Procter & Gamble Co PG, +0.10% .

Institutional Shareholder Services Inc., the largest proxy-adviser firm, recommended on Friday that P&G shareholders put the 75-year-old investor on the board over the company’s protests. Another proxy adviser, Glass Lewis & Co., came out in favor of Peltz last week.

“There are several signs that the board could benefit from additional shareholder perspective and outside” consumer-products experience, ISS wrote in its 25-page report, which helps guide mutual funds and other institutional investors on how to cast their votes.

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