Trian Partners had long been expected to seek a board seat at Procter & Gamble, and yesterday’s announcement of its nomination of Nelson Peltz confirmed that objective. The activist still claims to want to avoid a proxy fight but as at DuPont two years ago, it will pull out all the stops to get Peltz in the boardroom, where he will establish a new route for information to reach directors, push for non-executive sessions . . .

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