Procter & Gamble Investors Reject Bid to Study Pay Disparities

Procter & Gamble Co. shareholders rejected a proposal to study employee pay disparities across gender and race and disclose the results.

The proposal, submitted by Arjuna Capital on behalf of shareholder Valerie Alexandra Praggastis during the Cincinnati-based conglomerate’s annual meeting Tuesday, asked the company to report the median and adjusted pay gaps among employees across race and gender. The report should include “associated policy, reputational, competitive, and operational risks, and risks related to recruiting and retaining diverse talent,” the bid stated.

Nike Inc. faced a similar proposal last month, which also failed to gain a majority of investor votes. A ...