ADP Rejects Ackman’s Board Nominees

The transcript discusses Bill Ackman's attempt to nominate directors to ADP's board, which the company has rejected, leading to a potential proxy battle. Analysts agree with Ackman's points on margin improvement and technology upgrades. The situation is expected to escalate towards a proxy battle by November's AGM.

What is the main reason ADP is not considering Ackman's board nominees?

• They believe the nominees lack experience.

• They think the nominees won't add more value than the current board.

• They have already filled all board positions.

• They are waiting for the AGM to make a decision.

What aspect of ADP's operations did Ackman suggest needs improvement?

• Employee training

• Margin and technology

• Marketing strategies

• Customer service

How did the analyst community react to Ackman's presentation?

• They were indifferent.

• They disagreed with his points.

• They agreed there is room for improvement.

• They were unaware of the presentation.

What is the expected outcome if ADP continues to reject Ackman's nominees?

• An immediate change in leadership

• A merger with another company

• A proxy battle

• A peaceful resolution

When is the AGM, where the proxy battle might escalate, expected to take place?

• September

• October

• November

• December