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P&G SAYS PELTZ VIEW FLAWED: Earlier today, P&G reiterated its beliefs on Peltz’s view of the company as “flawed,” and “outdated.”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 Peltz’s flawed suggestions and outdated views underscore his fundamental misunderstanding of the P&G of today,” said P&G CEO David Taylor.