The results haven't been certified. The tabulation process begins via IVS Associates, an independent inspector for contested elections. The firm will first come up with its own estimates, and the two sides will likely choose to move onto the review and challenge period – the snake pit.
Proxy fights rarely get to that stage. But internal and external experts say P&G will probably be one of the few this year — and certainly among the biggest companies to ever reach this stage (the other large-cap name that's frequently cited is Hewlett-Packard's takeover of Compaq Computers in 2002).
P&G has an unusually high retail proportion — about 40 percent of their shareholders are individual investors, more than four times that of the average company. Retail is more likely to submit paper cards as opposed to voting over the phone or digitally. And unlike political elections, shareholders can vote as many times as they'd like, with only the latest vote counted.
This situation is estimated to have around 200,000 paper ballots, according to two people with knowledge of the matter.
In the snake pit, IVS would mediate between Trian's proxy solicitor and outside counsel on one side and P&G's proxy solicitor and outside counsel on the other. They'll look at the ballots and study the details, one at a time. Was it signed appropriately? Are they counting the most-recent vote?