Procter & Gamble Company (The) (PG)

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Procter & Gamble Co. (PG)

2013 Annual Meeting of Shareholders Conference

October 8, 2013, 9:00 AM ET


A.G. Lafley - Chairman of the Board, President and Chief Executive Officer

Jon Moeller - Chief Financial Officer

Debbie Majoras - Chief Legal Officer and Secretary




Good morning, ladies and gentlemen. Welcome to the 2013 P&G Annual Shareholders Meeting. Please take a moment and turn off all cell phones, while the meeting is in session. Now, please stand for the national anthem, sung by the Fairview-Clifton German Language School Choir.

A.G. Lafley

Good morning, ladies and gentlemen, and welcome to the 2013 P&G Annual Shareholders Meeting. I am A.G. Lafley, Chairman of the Board, President and Chief Executive of The Procter & Gamble Company. And I would like to welcome everyone to our Annual Meeting of Shareholders this morning.

I would also like to welcome all of our shareholders, who are listening to this meeting via the Internet. This meeting is now called to order. Notice of the meeting was sent to each shareholder of record and a quorum is present in person or by proxy.

Now, I'd like to get started with introductions. Here with me on stage is Jon Moeller, our Chief Financial Officer; and Debbie Majoras, our Chief Legal Officer and Secretary.

I would now like to introduce the members of our board. Would each of you please stand as I introduce you? Angela Braly, former Chair of the Board, President and Chief Executive Officer of WellPoint Inc.; Ken Chenault, Chairman and Chief Executive Officer of the American Express Company; Scott Cook, Chairman of the Executive Committee of the Board of Intuit Inc. Scott is the Chair of the Innovation and Technology Committee. Sue Desmond-Hellmann, Chancellor; and Arthur and Toni Rembe, Rock Distinguished Professor, University of California, San Francisco; Terry Lundgren, Chairman, President and Chief Executive Officer of Macy's, Inc. Terry joined the Board on January 8, 2013. Jim McNerney, Chairman of the Board, President and Chief Executive Officer of Boeing. Jim is also our presiding Director, Chair of the Compensation and Leadership Development Committee and a member of the Proxy Committee. Johnathan Rodgers, retired President and Chief Executive Officer of TV One. Jonathan regrettably is retiring from the board after this meeting and is not standing for reelection. I want to take this opportunity to thank Jonathan for his dedicated service to The Procter & Gamble Company over the past 12 years. Jonathan, thank you very much. Meg Whitman, President and Chief Executive Officer of the Hewlett Packard Company; Maggie Wilderotter, Chairman of the Board and Chief Executive Officer of Frontier Communications Corporation; Pat Woertz, Chairman, Chief Executive Officer and President of Archer Daniels Midland Company. Pat is Chair of the Audit Committee. Ernesto Zedillo, former President of Mexico and current Director of the center for the Study of Globalization and professor of International Economics and Politics at Yale University. Ernesto is Chair of the Governance and Public Responsibility Committee and a member of the Proxy Committee.

We also have a number of our executive officers here with us today. They are seated in the front rows. In the interest of time, I am not going to introduce each and every one of them, but I would ask them to please stand and be recognized. Thank you.

Now, I'd like to introduce Greg Weaver and John Rhodes of Deloitte & Touche. Thank you. Mr. Weaver is a Chairman and CEO of Deloitte & Touche LLP and the advisory partner on the P&G account. Mr. Rhodes is the partner responsible for all services provided to P&G and he directly supervised the audit of the company's fiscal 2013 financial statements. They are present in the event that there are questions, which are more appropriately answered by our auditors.

As Chair, I have appointed Peter Descovich of Broadridge Financial Solutions as Inspector of Election for this meeting. He will supervise the voting. In order to handle our business expeditiously this morning and to provide time for shareholder questions, we've established a few simple rules about the conduct of the meeting. Each of you should have a copy of the agenda. On the left-hand side of the agenda booklet are the guidelines for the conduct of the meeting. We ask that you cooperate in following these guidelines. In fairness to all shareholders, we intend to enforce these few, but simple rules.

The digital clock appearing in the lower left-hand corner of the screen behind me will countdown the time remaining for each speaker. When we open the microphones for comment, please go to the nearest microphone, if you wish to speak. Please identify yourself to the attendant. Please state your name and affiliation clearly and speak directly into the microphone, so that all of us could hear you and what you have to say, and so that we have a clear recording of the meeting to assist in preparing the official record of the meeting. If anyone seated in the balcony wishes to speak, please come down to the main level and use one of the standing microphones.

I'd like to remind you that comments regarding proposals will be limited to the time when the proposals are introduced. We will not revisit these discussions later in the meeting during the general question-and-comment session.

Turning to our agenda, I will ask Debbie Majoras to address some preliminary matters and to summarize the minutes of the Annual Meeting of Shareholders held last October. Debbi?

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