Shares of consumer goods giant Procter & Gamble (PG) are up after Nelson Peltz and his Trian Fund spoke earlier at an investor conference to discuss the white paper that Trian released last week.

TRIAN'S WHITE PAPER: On September 6, activist investor Trian, which has significant investments in General Electric Company (GE), Mondelez (MDLZ), BNY Mellon (BK), and Sysco (SYY), released a 93 page report, or white paper, on its perspective on how Trian and Peltz intend to help P&G regain market share and why it's critical to have Nelson Peltz elected to the P&G board. Trian said that P&G's total shareholder return over the past decade has lagged both its peers and the S&P 500 and that it is still "suffering" from the same factors that have led to "consistent underperformance," including eroding market shares, aging brands and a suffocating bureaucracy that Trian believes creates profit-reducing complexity, obscures accountability, slows decision-making and impedes sales growth. Trian said that, with Nelson Peltz on the P&G board,d the company can regain lost market share through organizing in a way that promotes accountability. Trian, which owns approximately $3.5B in P&G shares, said the company should be organized into three autonomous business units: Grooming and Healthcare, Fabric and Home Care, Baby, Feminine and Family Care.

P&G SAYS PELTZ VIEW FLAWED: Earlier today, P&G reiterated its beliefs on Peltz's view of the company as "flawed," and "outdated." "Today's P&G is well positioned with the right plan, the right structure and the right Board in place to deliver results and shareholder value for the short-, mid- and long-term...We firmly believe now is not the time to risk derailing our progress by adding Trian's Mr. Peltz to the P&G Board. Mr. Peltz's flawed suggestions and outdated views underscore his fundamental misunderstanding of the P&G of today," said P&G CEO David Taylor.

TRIAN'S LATEST COMMENTS: Earlier in the day, in a conference call explaining the white paper, Peltz reiterated his earlier statements on the importance of market share growth for a consumer goods company. While overlaying his previous comments on the insularity of P&G, the activist investor said that market share growth is more important than earnings per share, pointing out how Amazon (AMZN) has done well with its focus on market share, rather than EPS. Additionally, Peltz noted on the call the paramount importance of digital to aid in growth. He also noted that Trian "has a long list of nots," and went on to explain that he does not want to break-up the company, nor leverage up the balance sheet or cut the dividend. Peltz also said he does not intend to get rid of the company's CEO David Taylor.

PRICE ACTION: Procter & Gamble is up 1.27% to $94.02 per share in late day trading.