Naming hedge-fund billionaire Nelson Peltz to the Procter & Gamble board will be beneficial to shareholders, Anne Sheehan, director of corporate governance at CalSTRS, told CNBC on Friday.
The activist investor won a proxy-vote recount for a board seat earlier this week after the initial results showed he failed to secure enough votes. P&G can still challenge the result.
Sheehan said after the vote is certified, P&G should give Peltz a seat at the table.
"Someone like Nelson would bring a fresh perspective to the boardroom at P&G. They really have had a lot of insiders there. They've done well over the years, but I think bringing a fresh set of eyes and a new start there would be beneficial to shareholders," she said in an interview with "Closing Bell."
Peltz, the manager of $12.5 billion Trian Partners, took on P&G over the summer, seeking a board seat after the company rejected his request to be added to the board. CalSTRS, the California State Teachers' Retirement System, came out in support of Peltz last month.
CalSTRS holds close to 5.6 million shares of P&G stock valued at approximately $508 million. The large pension fund has been an investor with Trian since April 2011.
Sheehan said that CalSTRS supports a number of activists.
"They play a positive role in the capital markets. They help generate enhanced shareholder return for us."
P&G acknowledged the narrow margin of votes in a statement on Wednesday, saying the results are preliminary and subject to a review and challenge period.
— CNBC's Liz Moyer contributed to this report.