Colgate-Palmolive's CEO Hosts 2013 Annual Stockholders Meeting (Transcript)

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Colgate-Palmolive Co. (CL)

2013 Annual Stockholders Meeting

May 10, 2013 10:00 am ET

Executives

Ian M. Cook - Chairman, Chief Executive Officer and President

Andrew D. Hendry - Chief Legal Officer, General Counsel and Secretary

Liza LeAndre

John T. Cahill - Independent Director, Chairman of Audit Committee and Member of Personnel & Organization Committee

Richard Jay Kogan - Presiding Director, Chairman of Personnel & Organization Committee, Member of Audit Committee and Member of Finance Committee

Presentation

Ian M. Cook

Ladies and gentlemen, will the meeting please come to order. I'm Ian Cook, Chairman, President and Chief Executive Officer of your company. The Board of Directors joins me and the officers of your company in welcoming you to our 2013 Annual Stockholders Meeting. First, I would like to introduce the other executives who are with me today on the stage. On my immediate left is Andy Hendry, Chief Legal Officer and Secretary; next to Andy is Bina Thompson, Senior Vice President, Investor Relations; and Dennis Hickey, our Chief Financial Officer.

Every day around the world, Colgate people are working towards making families around that world happier and healthier by caring for their homes, caring for their skin, caring for their pets and of course, caring about oral health. And given the values of our company, they also work at caring for families in need, whether it's in South Africa with the Phelophepa Train, which translated means good, clean health, which has, in the life of this train assisted nearly 6 million people, about 1 million a year, and Colgate has been a founding partner with this organization; or a little bit closer to home, an initiative we began this past holiday season supporting kids in New York City shelters over that holiday period with oral care kits and that was 20,000 children.

So the Colgate family is working towards making families around the world happier and healthier. And today, I'm delighted to introduce a new member of our Colgate family, and that is Kelly Ripa of Kelly and Michael. She is the new face of Colgate and here she is.

[Presentation]

Ian M. Cook

And Kelly is not just communicating the Colgate Total message on traditional television and digital media, but also in the materials that you will see in store as we bring a new Total Mouthwash to the United States to add to the Total line here and complete our worldwide expansion of mouthwash. And Kelly couldn't resist the opportunity to bring a message to this audience.

[Presentation]

Ian M. Cook

So thanks, Kelly. Today, we will begin with several formal items. After we have addressed those matters, I will review the progress of the business and our plans for the future. We have set aside time later in the meeting for a more general discussion of the company. I would appreciate your delaying until then any questions or comments that are not related to the formal items of business.

At this time, we would like to collect any proxies. If you have a proxy, please raise your hand so that an usher may collect it. There's one in the middle here. We now need an usher.

The Secretary informs me that each stockholder of record on March 11 this year, the record date for the meeting, has been given proper notice of the meeting and that a quorum is present. Affidavits of mailing of this notice, the proxy materials and the Annual Report will be filed with the records of the meeting. A complete list of stockholders as of the record date is available here during the meeting for examination by any stockholder, and this list has also been available at the company's headquarters since April 22. The reading of the minutes of the last meeting is now in order.

Andrew D. Hendry

I move that the reading of the minutes be waived.

Unknown Attendee

I second the motion.

Ian M. Cook

You have heard the motion made and seconded that we dispense with the reading of the minutes of the last meeting. All those in favor say aye.

[Voting]

Opposed? The motion is carried.

There are 5 items of business on the agenda that requires voting by our stockholders. Ballots are available from the ushers for each item. If you have already voted by proxy, you do not need to vote again by ballot. After each item of business has been presented, the ushers will collect any ballots. The votes will be tallied by Mr. Deskovich [ph] and Mr. Matthew Christiansburg [ph], the independent inspectors of election, who are assisted by Ms. Lorna Rowe [ph]. They join us from Broadridge Financial Solutions, our proxy administrator.

All proxies, ballots and vote tabulations that identify stockholders are kept confidential in accordance with company policy. During the meeting, I will report the preliminary voting results of each item of business. The final vote count for each item should be available following the meeting from the inspectors of election.

The election of directors is now in order. The Board of Directors has nominated as directors the persons who are designated in the proxy statement. Ms. LeAndre will make the nomination on behalf of the Board of Directors.

Liza LeAndre

On behalf of the Board of Directors, I nominate the persons who are designated in the proxy statement namely: Ian Cook, Nikesh Arora, John T. Cahill, Helene D. Gayle, Ellen M. Hancock, Joseph Jimenez, Richard J. Kogan, Delano E. Lewis, J. Pedro Reinhard and Stephen I. Sadove.

Unknown Attendee

I second the nomination.

Ian M. Cook

It's now my pleasure to introduce the nominees. Please rise as your name is called and remain standing until everyone has been introduced. Please hold your applause until the entire group is introduced.

Mr. Nikesh Arora, Senior Vice President and Chief Business Officer of Google; Mr. John Cahill, Executive Chairman, Kraft Foods Group and former Chairman and Chief Executive Officer of the Pepsi Bottling Group; Dr. Helene Gayle, President and Chief Executive Officer of Care USA; Mrs. Ellen Hancock, former President of Jazz Technologies and former Chairman and Chief Executive Officer of Exodus Communications; Mr. Joseph Jimenez, Chief Executive Officer of Novartis; Mr. Richard Kogan, Principal of the KOGAN Group and former Chairman, President and Chief Executive Officer of Schering-Plough Corporation; Mr. Delano Lewis, former Senior Fellow of International and Border Programs, New Mexico State University and former U.S. Ambassador to South Africa; Mr. J. Pedro Reinhard, President of Reinhard & Associates and former Executive Vice President and Chief Financial Officer of the Dow Chemical Company; Mr. Stephen Sadove, Chairman and Chief Executive Officer of Saks Incorporated.

Our company is indeed fortunate to have these outstanding individuals serve as our directors. I would also point out that we are joined today by 2 former Chairman of our company Mr. Keith Crane and Mr. Reuben Mark, and I would ask them to stand with great appreciation so that we can thank them for their combined over 100 years of contributions to our company. I'm only staying for another 50 years so.

Mr. Hendry, would you please tell us whether there have been any other nominations?

Andrew D. Hendry

Mr. Chairman, there had been no other nominations pursuant to the bylaw procedures.

Ian M. Cook

Thank you. Is there any discussion on the nominations? Anyone wishing to speak on this topic should go to one of the microphones on the main floor of the ballroom.

If there is no further discussion, I ask the ushers to collect any ballots. Let's see, there's one over here on the far side. And now may I have the report of the inspectors of election?

I am pleased to announce that all of the nominees have been elected directors of our company until the next annual meeting and until their successors are chosen and qualified.

The next order of business is the ratification of the selection of the independent registered public accounting firm. The Audit Committee, which consists entirely of independent directors, has selected PricewaterhouseCoopers as the company's independent registered public accounting firm for 2013. The stockholders are being asked to ratify this selection.

Mr. Cahill, who is Chair of the Audit Committee, will make the motion on behalf of the Audit Committee.

John T. Cahill

On behalf of the Audit Committee, I move that the selection of PricewaterhouseCoopers LLC as independent registered public accounting firm of the company for the year 2013 be ratified.

Unknown Attendee

I second the motion.

Ian M. Cook

We have with us John Maxwell, Michael Nelson and Susan Diaz of PricewaterhouseCoopers. Mr. Maxwell is the global engagement leader, Mr. Nelson is the partner and Ms. Diaz is the senior manager on the Colgate account. I was going to say, "Will you please stand," will you stay standing and take some applause. Thank you.

Is there any discussion on the motion? If there is no discussion, I ask the ushers to collect any ballots.

And may I please have the report of the inspectors of election? I'm pleased to announce that the selection of PricewaterhouseCoopers as the company's independent registered public accounting firm for 2013 has been ratified.

The next item of business is the advisory vote on executive compensation. The company is providing stockholders with a nonbinding advisory vote on the compensation of the company's executive officers named in the summary compensation table in the company's proxy statement. The key principle underlying the personnel and organization committee's compensation philosophy is paid for performance. And in 2012, 60% to 90% of total compensation paid to Colgate's named officers was performance-based, with incentive award payouts varying based on business performance, or in the case of stock options, on the performance of the company's common stock.

This direct link has been -- between incentive payments and achievement of business goals and shareholder value has helped drive the company's strong and consistent performance year after year. The stockholders are being asked to indicate their nonbinding approval of the compensation of the company's executive officers named in the summary compensation table in the company's proxy statement as that compensation is disclosed in the proxy statement.

Mr. Kogan, who is Chair of the Personnel and Organization Committee, will make the motion on behalf of the Personnel and Organization Committee.

Richard Jay Kogan

On behalf of the Personnel and Organization Committee, I move for the adoption of the following resolutions: resolved, that the stockholders of Colgate-Palmolive Company approve the compensation of the company's executive officers named in the summary compensation table as disclosed in the proxy statement for the 2013 annual meeting of the stockholders of Colgate-Palmolive Company pursuant to the compensation disclosure rules of the Securities and Exchange Commission.

Unknown Attendee

I second the motion.

Ian M. Cook

Is there any discussion on the proposal? If there is no discussion, I declare the voting closed on this item and ask for the ushers to collect any ballots.

And now may I please have the report of the inspectors of election? I wish to announce that on the basis of the preliminary results, the proposal has received the majority of the votes cast and the compensation of the company's executive officers named in the summary compensation table of the proxy statement is approved.

The next item of business is the approval of the Colgate-Palmolive Company 2013 incentive compensation plan. The Board of Directors has approved the company's 2013 incentive compensation plan subject to stockholder approval. The proposed plan will replace the company's 4 existing plans, under which the company currently makes equity compensation awards to officers, employees and directors.

Colgate's stock option plan for directors expired in December of last year, and the stock option plan for employees will expire at the end of this month. The 2013 plan is an important part of Colgate's overall compensation program, enabling us to make annual and long-term incentive awards to approximately 1,700 of their officers and employees and to provide reasonable compensation to our directors. We believe the 2013 plan gives Colgate a competitive advantage in attracting, retaining and motivating officers, employees and directors by providing incentives that are directly linked to the future growth and profitability of the company's business.

Under the 2013 plan, the company may deliver up to 32 million shares of common stock pursuant to stock options and 7 million shares of common stock pursuant to full value awards. The board's Personnel and Organization Committee, which is comprised entirely of independent directors, makes grants of equity compensation to officers and employees.

Last year, the company granted equity awards, representing a total of approximately 1.2% of outstanding stock, placing us just above the median as compared to a group of similar companies. We intend to make awards under the 2013 plan, consistent with our current compensation practices. The board's nominating and corporate governance committee oversees the company's director compensation program. Under the 2013 plan, the directors will receive annual stock option grants valued at $45,000 and annual grants of common stock valued at $180,000 in line with our current practice.

A summary of the 2013 plan appears on Pages 61 to 69 of the proxy statement and the full plan is set forth in Annex B. The Board of Directors recommends to vote for the plan.

Unknown Attendee

Mr. Chairman, I move for adoption of the following resolutions: resolve, that the Colgate-Palmolive Company's 2013 incentive compensation plan in the form set forth in Annex B of the proxy statement be and hereby is approved and adopted.

Unknown Attendee

I second the motion.

Ian M. Cook

Is there any discussion on the proposal? If there is no discussion, I declare the voting closed on this item and ask the ushers to collect any ballots.

And now may I please have the report of the inspectors of election? I wish to announce that the proposal has received the required vote and the company's 2013 incentive compensation plan has been approved.

The next item of business is a stockholder proposal by John Chevedden, who is represented today by Ms. Tahira Christian [ph]. Ms. Christian [ph]?

Unknown Attendee

I'm Tahira Christian [ph]. The proposal by executive [indiscernible] stockholder's approval, proposed by John Chevedden of Redondo Beach, California. Resolve: Shareholder's request that our Compensation Committee adopt the policy requiring a senior executive to retain [ph] a significant percentage of shares acquired through equity state [ph] programs until reaching long-term use [ph]. For the purpose of this policy, [indiscernible] share retention retirement 25% of such shares. This [indiscernible] should prohibit [indiscernible] subject through policy which are not [indiscernible] reducing the risk of [indiscernible]. This [indiscernible] supplement any other share or interest [ph] requirement that has been [indiscernible] and should be implemented so as not to violate [ph] the company's existing contractual obligation or indiscernible] compensation or benefit by incurring [indiscernible]. Retiring senior executives [indiscernible] significant portion of stocks obtained [indiscernible] which focus [ph] our executives on our company's long-term success. [indiscernible] on executive pay stated as [indiscernible] executives [indiscernible] long-term [indiscernible] executives to retain [ph] significant stock.

Ian M. Cook

Thank you, Ms. Christian [ph]. Is there a second for this proposal?

Unknown Attendee

I second the motion.

Ian M. Cook

Ms. Christian [ph], again, thank you for joining us today and thank you for your interest in Colgate's corporate governance.

The Board of Directors has recommended a vote against this proposal for the following reasons: Our existing compensation programs and policies effectively promote shareholder value and encouraged significant stock ownership by senior executives. A substantial portion of senior executives' total compensation is paid in equity in the form of restricted stock and stock options. Our performance-based restricted stock award program, in which all senior executives participate, has a 3-year performance period followed by an additional 3-year vesting period. This additional 3-year vesting period functions, for all intents and purposes, as a holding requirement and drives the focus on long-term results.

In addition, senior executives are subject to rigorous stock ownership guidelines. As Colgate's CEO, I'm required to earn Colgate stock equal in value to 8x my annual salary and the other named officers and other corporate officers are required to own Colgate stock equal in value to between 2x and 4x their annual salaries. And in practice, senior executives generally hold Colgate stock well in excess of the minimum amounts required by the guidelines.

Colgate's existing policies and practices effectively align the interest of our senior executives with those of our stockholders, such that establishing an additional requirement, that executives retain significant stock until reaching retirement age, would not be necessary.

For these reasons and as discussed more fully in the proxy statement, the board has recommended a vote against this proposal. Is there any discussion on the proposal?

There is discussion on the proposal.

Unknown Attendee

I think that this is a very forward-thinking proposal that explains Colgate as being much more in favor of stockholders and stockholders' interest. [indiscernible] that you have proposed that you already have existing coverage by existing structure, but this would make Colgate a more forward-thinking company than other companies and I think this would protect the stockholders more than the existing structure of the company.

Ian M. Cook

Well, we thank you very much for your comment. Obviously, we believe, as a company, we are very well aligned with shareholders' desires and wishes, and we further believe that we set today a very, very good example for corporate governance with progress in many, many areas, call back policies, our hedging policies, no pledging policies, many steps that we have taken over the years when we believe the steps fundamentally strengthen shareholder rights and interest. But as we say, we do not believe that this particular program makes any meaningful advance for stockholders.

If there is no further discussion, I have to say, I declare the voting closed on the item and ask the ushers to collect the ballot.

Unknown Attendee

[indiscernible]

Ian M. Cook

I can't hear her.

Unknown Attendee

[indiscernible]

Ian M. Cook

Can somebody give her a ballot? So I guess there's another one to collect over...

Unknown Attendee

[indiscernible]

Ian M. Cook

Many people have already voted through their proxies. So...

Unknown Attendee

[indiscernible]

Ian M. Cook

Okay. May I please have the report of the inspectors? I wish to announce that on the basis of the preliminary results, the proposal did not receive the necessary majority and therefore has not been approved. I repeat that we share the proponent's commitment to good corporate governance and promoting shareholder value, and be assured that we continue to review the most effective means of governing the company in the stockholders' best interests.

That ends today's formal business of the meeting, and now I would like to review the progress of the company. My remarks this morning may, of course, include forward-looking statements and various factors might cause actual results to differ from these statements and you can, of course, find the discussion about these factors on our Annual Report and Form 10-K.

So turning to the year 2012 and our results in that year. I think as we all know, 2012 was another year of significant challenges: weak economic growth in the developed world, some slowing of growth in the emerging markets, continued foreign exchange volatility and an intense competitive environment. But despite that, we at Colgate continued, we believe, strong performance in 2012, continuing over a 20-year period to grow the top line of the company by over 4.5%, and we ended 2012 as a company with some $17 billion in net sales to continue to expand our gross margin, which over this 25-year period has increased some 20 percentage points to the level we find ourselves today and over the same 20-year period, seeing our operating profit progress, consistently grow and compound at the 8.5% you see on the slide.

And if you distill [ph] it all into one ratio, our after-tax return on capital, you can see that we invest, we believe as shareholders, very wisely for a better return than our peer group and certainly better than the S&P 500. Importantly, we are growing the company consistently by building our brands and growing our market shares.

Our flagship toothpaste business, which by the way according to an independent survey is in more houses worldwide than any consumer packaged goods product indeed in 65% of homes. And that kind of loyalty to our product continues to see our worldwide toothpaste market share growing now approaching 46% and clearly leading against our principal 3 global competitors.

Our toothbrush business also continues to grow market share with the share now over 33% and our mouthwash business, excluding the U.S., also continuing to grow market share as we have focused on this business very sharply for the last half a dozen years. And as I said earlier, we have just, this month literally, entered the United States with our Total Mouthwash, thereby completing our global position on mouthwash. Very importantly, for our oral care business, we have leading professional endorsement, that is to say dental professionals recommending Colgate products to their patients. For our toothpaste brands, 1 in 2 dentists recommend a Colgate brand over any other brand in the world.

And the net result of all of that and being attentive to shareholders' underlying interest by building the business in a correct way, we have seen shareholder value increasing over an extended period of time, whether you take here the 20-year return, if you had bought Colgate stock 20 years ago, compared with our peer group of companies or compared with the S&P 500; or you take a 15-year period in terms of our total shareholder return against that same peer group and the S&P 500, or a 10-year return or a 5-year return through the worst of the subprime years the world saw in 2008 and 2009, continuing to maintain good performance when some peer companies and the S&P were recovering from some of the subprime reductions they had and continuing that pace of growth year-to-date in 2013, in line with the equity markets.

And although we don't seek external recognition, an independent Fortune survey placed Colgate as #1 in the soap and cosmetic sector, #1 as the world's most admired company, and they did that by focusing on 3 key areas of company performance that they looked at: innovation, the management of people and talent and the financial soundness of the company. And it could do with a round of applause, I think.

And when you take that historical performance, we continue to have confidence in our ability to sustain our success going forward. And earlier this year, in March, our board underscored that confidence by voting for a dividend increase of 10% effective with the $0.42 [ph] dividend. And specifically, so we didn't get the question at this meeting, also voted to split the stock effective May 15. I actually had a slide in an earlier presentation that said applause, but I thank you for allowing me to take out of the slide.

Now when we talk about sustaining that performance going forward, let's talk a little bit about growing in a world that continues to change quite quickly. And if we think about growing in that fast-changing world, this being the cover of our Annual Report this year, what is it about our world that is changing fast?

Well, since the subprime, consumers have reassessed value. And they're looking for innovation that they believe is worth the money they pay for that innovation. And value isn't necessarily priced: it is providing innovation that consumers see value in. Digital power in the world today and the availability of data allows much better, closer to the ground business analytics than ever before, and this will be a new information battleground for companies around the world. Commodity cost and foreign exchange continue to be quite volatile. And of course, as we read in the newspapers every day, the world's macroeconomic environment continues to be challenging.

When we talk about growing in that fast-changing world, we will do so by focusing on the strategic initiatives that we have been consistently deploying for the last 8 years, engaging to build our brands, innovation that really drives growth, effectiveness and efficiency in how we do business to provide the funds to invest behind the innovation for growth and of course, developing a cardre of leaders that allow us to win country by country around this world. And these are the initiatives that are guiding the actions of Colgate people everywhere around our world.

So let's talk a little bit about engaging to build our brands, and I'll talk about it in terms of these 4 groups that we engage with to build those brands, starting with the consumers, but the example I will use today is toothbrushes.

So from the consumer side, you begin with innovation this year and you will have this in the bag when you leave, we have a new Colgate 360° brush. This is the leading brush, manual toothbrush in the world, which gives a whole mouth clean plus floss-tip bristles to get deeper in between the teeth. We have another brush that we are taking around, which uses tapered, very then bristles, which allows those bristles to get below the gum line and really clean the teeth.

Here's the ad for that brush.

[Presentation]

Ian M. Cook

Now with shoppers, we have many, many different techniques that we use around the world. But one innovative one that was pioneered in Peru last year was the use of toothbrush shopping carts in stores. So I'm going to show you a video, and I'm going to comment as you see the video. I think you'll get the idea when you see the video.

[Presentation]

So basically we have ladies in supermarkets with a trolley labeled with all the different types of Colgate toothbrushes and the lady is pushing the trolley around the supermarket engaging with consumers as they shop. And if that doesn't work, you hit them with the trolley.

In China, we use a similar technique with people explaining the quality of our brushes in the supermarket. With our customers, we have many, many different techniques. One of the most important ones in the emerging high-growth markets is to get to those small stores in the rural areas, the so-called mom-and-pop stores, and we reach them with small vans and indeed tricycles in some cases as you will see later on this morning. And of course, in the bigger stores, we use the bigger displays that are eye-catching to get people's attention to the new brushes we have in our portfolio.

And just as it is for toothpaste, the profession is slightly [ph] important, and we're using increasingly new technology, digital technology with tablets to, again, educate the professionals about our brushes and convince them on the reasons why Colgate brushes are for better oral health for their patients, and we started later on brushes than we did on toothpaste. But I think you can see over the last 8 years, we've made terrific progress in raising the Colgate recommendation level against our principal competitor, and I'm looking forward to come back next year and ask for applause in having taken leadership. In any event, it can only help strengthen our market share that is already today at leadership levels.

Innovation for growth comes in a couple of forms: it comes in the product themselves, and it comes in innovative ways of conveying the benefits of those products to your consumer. We have a whole array of new products that we're bringing to the marketplace in 2013, whether it is a new version of our globally successful Optic White toothpaste, whether it is a new interdental version of our leading Colgate Total toothpaste, whether it is another version of our Pro-Relief Sensitive toothpaste technology, we have an array of innovations coming to the marketplace. And just at the end of last year and in the U.K., we brought this brush, Colgate ProClinical, which took us into the $1 billion rechargeable toothbrush market, and we will be moving this product around the world, not available yet here in the United States.

On our mouthwash business, we had innovation behind our Colgate Plax business, offering great bacterial protection without alcohol and that burning sensation in the rinse. On our body cleansing business, we have a terrific line on our Palmolive range. In Europe, we have a Protex line exclusively targeted towards men who are now washing. We have a deodorant business extension on our Lady Speed Stick business. We have the same on our men's business. This is a Mexican package. Actually, it's Mennen Speed Stick DNA, protection that adapts to you. In Spanish, the letters come the other way around.

A dish liquid line that improves skin feel and fragrance, and even on our Hill's business, a terrific new line of natural-based products called Ideal Balance. And here, a Prescription Diet line called Metabolic, which actually allows pets to lose weight and then continue eating the diet to keep the weight off. If we could cover it in chocolate, we could perhaps put it in the goodie bag for everybody.

And -- but that's innovation in product, and we have a lot of that innovation, and we have rich innovation. We have a strong pipeline of that innovation going forward. But it also is in the communication, how you connect with those consumers. And today, we manage our communication with a dedicated group of agencies under the WPP banner. In fact, we as a company has had a relationship with WPP agencies for some 30 years and for half of that period, an exclusive relationship with WPP, which we think has allowed them to understand our business better so that we can get better quality advertising from them.

And one of the areas that we are focusing on today is this idea of communicating a regimen benefit, the idea that using a Colgate toothpaste with a Colgate toothbrush and a Colgate mouth rinse is a faster or better benefit than simply using one of the products on their own. In this particular case, with this new mouthwash we are bringing to the United States, the idea in terms of that mouth health claim that Kelly talked about is to improve mouth health in just 2 weeks. We have a massive number of displays in stores here in the United States starting this month.

But we also have the same idea on our whitening business, whether it's the Optic White range here in the United States, the paste, the brush and the rinse, or in other parts of the world where the name for the product is Luminous, we have the same idea.

[Presentation]

Ian M. Cook

And of course, we then bring those 3 products together in all of the big displays we have in the large retail environment. And that kind of an approach for our entire Latin American division has already taken the Luminous White product I showed to approaching a 6% market share, which is very, very good progress in a relatively short period of time. And we also, from a communication point of view, are increasingly using digital communication today.

And I'm going to let the next video run. This was not especially prepared for this meeting. This was something that our Turkey subsidiary did all on their own.

[Presentation]

Ian M. Cook

Thank you. That's terrific. That makes it now 68 countries around the world of some 80-odd countries that are measured. We now have absolutely the #1 position. So more Turkeys.

Now as I've said earlier, obviously, we want to make sure we create the funds to allow us to drive that kind of innovation and communication and at the same time, deliver a good return. And we do that savings generation for both growth and of course, profitability. Last year, our Funding the Growth program, which is what we call it around the world, delivered almost $0.75 billion just over pretax savings, which is terrific contribution given that we do this and Colgate people around the world do this year in and year out.

And of course, these Funding the Growth savings come from the areas that you would expect in a company like ours, stuff that we buy, running our factories, the way we deliver and ship our products, the products themselves and of course, always trying to simplify our business. And many of you will know that last year, we announced a global growth and efficiency program, a 4-year program, that is strengthening even more the company for the future by really doing 3 things: combining country operations, something we have been doing for 15 years, to strengthen our ability to win on the ground. I'll give you a couple of examples.

We used to run these 4 countries in Latin America as 4 different geographies. Today, we run them as 1 region. We have strengthened selling capability actually in each of the countries on the ground, and we have better capability at the center to support our marketing innovation and effort. So if you turn to Europe, we had all of these Central European markets run completely independently. And now they are hub-ed out of Poland, and we have this grouping in Europe. It gives us better strength from the ground and better capability to drive our brands.

And we're also extending Colgate business services and streamlining our global functions, like an operation that we've had in Europe now for nearly 6 years where we consolidate financial operations in one location, reduces cost, discovers new ways of finding savings and increases speed and efficiency of our process. And of course, continuing to optimize our global supply chain and the facilities that we use around the world. And the funds that, that program generates, we will again be reinvesting back into the enabling technology to make sure that we master best-in-class analytics to do more of the kind of digital programs that you saw from Turkey to make sure that we grow faster than the markets even in the emerging countries, and to make sure that our innovation and brand building efforts are fully funded and maintain their cutting edge.

And last, and although when we meet with investors, [indiscernible] a lot of questions about this. For us, fundamentally is this notion that we have a cadre of leaders who can keep leading this company to win in the future. It starts with living our values, values that we have been living for many years, that generations of Colgate executives have grown up with. They start with caring, global teamwork and this idea of continuously getting better year upon year, doing everything we do with absolute integrity.

We also focus on helping Colgate people to perform at their best. We do this with a global training curriculum that is broad and rich, both technically and from a leadership point of view. And we have 3,000 certified Colgate instructors, so Colgate leaders really do teach other Colgate folk.

From a leadership point of view, we have leadership programs for people that first assume [ph] leadership of other people to bring them into that new role for them. We have a long-standing 12-year program, Colgate Leadership Challenge, where we bring early-in-career executives into New York, often the first time they have ever been to our headquarters. They have a very intense 1-week program and get to understand the company's values, strategy and get to meet with the senior leadership of the company over that period. We have had over 350 executives go through this program. And a program that has been running for the same period of time for mid-career executives called Global 2030, that has had over 125 executives go through the program. So we believe the consistency of this kind of training and indeed program use is what helps bring and maintain the quality of leadership in the company.

We are also focused by dint of strategy, but also by dint of the lead [ph] of Colgate executives to fulfilling our commitment to the communities we serve. We have an environmental program in place for over 20 years. We now manage that program under 3 specific areas, focusing on people, performance and indeed our planet, and we set specific goals through 2015.

In the area of people, it's promoting healthier lives inside the company and outside, it's contributing to the communities where we live and work. You know well, I hope, those of you that have been with us before, our Bright Smiles, Bright Futures programs. We have a goal to reach 1 billion children around the world by 2020. We're at 700 million and counting. And Colgate volunteers participate in that program, whether it's in the U.S. and/or whether it's in India or other countries around our world.

In performance, we're always looking to make our products more environmentally friendly. This happens to be one example. In our fabric softener business, you can read the data itself, but by concentrating the product, you use less water, you use less plastic and it takes less transportation energy to move the product around.

And in the planet, we have one specific program focused on water. Around our world, we have many different programs. A new one we started last year is in partnership with Water for People, reaching over 10,000 people in India and in Guatemala. And as we go through the pilots of these programs, we will be extending them out.

And then finally, in terms of reducing environmental impact, you can see here a very good continuous progress in terms of reducing our environmental impact per ton of product that we produce. But if you have an interest, you can read and indeed see videos about all of the work that is going on in this area around the Colgate world in our new Sustainability Report, which has been posted on our Colgate website.

And of course, one of the things we believe deeply in is this notion of celebrating success, rewarding people for a job well done. And in its 27th year now, the Chairman's You Can Make a Difference Award continues to do that. It is a program that recognizes outstanding work from Colgate folk around the world. Awards are made in every operation around the world. There were 99 annual award winners across Colgate this past year, and we have with us today 7 winning teams with 33 people along with their guests. So why don't we take a look at the program this year?

[Presentation]

Ian M. Cook

Terrific. At this time, I'd like to ask that all of the global winners stand and receive our warm thanks from all of us who care about Colgate and take pride in your accomplishments that have helped make the company so successful. So if you will, winners, please stand. And will the spouses and guests of the winners also please rise to receive their applause. Winners, stay standing. Thanks, again, to the winners, and thank you to the shareholders for your generous applause.

Now we would like to give you an opportunity to ask questions you may have about the company. If you would like to ask a question, please approach one of the microphones on the main floor of the ballroom. If you are not seated on the ballroom floor, there will be plenty of time for you to reach a microphone. Please limit your questions to one, so that more people may have an opportunity to ask a question. And if we have time, I would be happy to take follow-up questions after everyone has had an opportunity to ask a question.

I would also point out that we will have representatives from Colgate's Consumer Affairs Group outside the ballroom as you leave, and they can answer any questions you may have about where to purchase particular products. So questions on these topics are best directed to that team, and gift bags will be distributed at the conclusion of the Q&A session. Okay. But we would appreciate if you would please remain in your seats until the Q&A session is over. And don't worry, we have enough gift bags to ensure that everyone can receive one. So questions? I'll take #6.

Question-and-Answer Session

Unknown Attendee

Mr. Cook, we have Dr. Willy Sy [ph] from [indiscernible].

Unknown Attendee

[indiscernible] for the first time and he was [indiscernible] I think that's a very healthy growth over past quarters. My question [indiscernible] could you give us how that [indiscernible] for the growth collectors [ph], and for that month, are the growth collectors [ph] or the presence of that man [ph] and Chief Executive and Chairman require exact [ph] minimum of securities of the company during your term [indiscernible]?

Ian M. Cook

Thank you. Well, thank you for your comment on mingling. Indeed, that is in the job description of every Colgate executive at the annual meeting. But seriously, the idea of talking with our consumers, talking with our customers, talking with our stakeholders and shareholders is the way you learn what is on people's mind. So we put great store in that generally. In terms of selection of directors, the same as selection of Colgate executives, we look for people with character, the right character. We look for people with business, with academic, with community and other specific skills, but can collaborate with the other board members to provide the wisdom and the questions helpful and necessary to help the company advance its business. And most certainly, all of the directors, all of the senior executives of the company have minimum -- frankly, fairly high minimum equity holding standards. I mentioned a little bit earlier today, I, for example as the CEO, must hold 8x my salary in Colgate equity. And if you look in the proxy, you'll see that I hold substantially more than that in Colgate stock. But thank you very much for your question. Busy day. 2?

Unknown Attendee

Mr. Cook, this is Mr. Jim Crisafulli [ph] from Flushing, New York.

Unknown Shareholder

Mr. Cook, congratulations again on a job well done. It should really be well done. And in an attempt to make sure that you don't get [ph] this question again next year, one of the things that, I think, Colgate should be doing in [indiscernible] over the last couple years is to grow the business in the same core of businesses that you're in or help [indiscernible] into a pharmaceutical business for all of these sectors [ph]. It's just the natural coverage [ph], and I think that this is the way [indiscernible] currency markets [indiscernible] for the three [ph] to continue to grow and [indiscernible].

Ian M. Cook

Considerable thought over many, many years, I guess one has to take a step back in terms of the strategy that this company embarked upon some 30 years ago now. We made some very difficult decisions then, but clear decisions that gave us the sharpness of focus on 2 things: geography, we wanted to make sure that we were well globally distributed and had a good presence in the emerging markets, a path we have been on for a long time, been in Brazil 75 years, celebrated 75 years in India. So we were in these markets early and today has the benefit of more than half of our sales coming from those now high-growth markets. At the same time, we very carefully selected the 4 business segments that we operate in today, which we call oral care, body cleansing, home care and pet nutrition for a few reasons. Number one, we saw them as growth markets as the population would grow. Number Two, particularly for oral care, pet nutrition and personal care, very strong consumer loyalty, gives you pricing power, allows you to bring innovation that the consumer thinks they're getting value for while growing the company gross margin. And that, we think, has played out over time. In fact, now with the pet nutrition and the oral care, it's not clear where the parents dote on their children more or pet parents dote on their pets more, it's pretty close. So we like the categories that we're in. We did actually, on one occasion, do a pilot that saw us move into a pharmaceutical type product. And it was not successful because the characteristics between the one and the other are not exactly the same. So from time to time, and I reread your question in preparing for this meeting, from time to time, we do revisit the subject, but we still think there is tremendous growth potential in the businesses that we're in. We can still take more of the categories we have to more new markets. And I think you will see us, for the next little while, continuing to focus on doing the best job we can on the businesses we know so well. So thank you, again for your question. 5?

Unknown Attendee

Mr. Cook, we have Mr. Edward Russo [ph] from New Jersey [ph].

Unknown Attendee

Mr. Cook, my name is Ed Russo [ph]. I'm Vice President of the Colgate Retirees Association, and I'm speaking on behalf of George White [ph], who is the President of the Retirees Association, which of course, as you well know, is composed of retirees from Jersey City; Berkeley, California; Kansas City and Jeffersonville. All our members respect you and your top management for your interest, your kindness and for your consideration. We wish [ph] all the best employees for their many years of the world [ph] in service.

Ian M. Cook

Well, thank you very much. Thank you very much. Please give my regards to George and thank him and the whole group for their best wishes. #6?

Unknown Attendee

Here, we have Mr. [indiscernible],

Unknown Attendee

Yes, does Colgate-Palmolive package any or any of their branded [ph] product under other operators [ph]?

Ian M. Cook

N-O, no. We are -- I mean, sorry, to give you, if I'll say it [ph] by the word, to give you the longer answer, we are a branded goods company. And we build our business by building brands, by building the loyalty of those brands and getting Colgate toothpaste into nearly 2/3 of homes around this planet. That's what we do.

Unknown Attendee

[indiscernible] Does any of your other competitors, do they package under [indiscernible]?

Ian M. Cook

I would not care to comment on the competitors. I -- why don't you ask them. It is an industry practice. Many companies do, do that. I see I have bored him. But many companies do, do that. We do not. #4?

Unknown Attendee

Mr. Cook, I have Ms. Emily Kadowitz [ph] and Mr. Joey Kadowitz [ph] from North Brunswick, New Jersey.

Unknown Attendee

My name is Jillian Kadowitz [ph]. This is my sister, Emily.

Ian M. Cook

I remember you well.

Unknown Attendee

We attended the Colgate stockholders' meeting last year. Do you remember us?

Ian M. Cook

Yes.

Unknown Attendee

I was the one [ph] who asked you about changing the lid to the fluoride rinse bottle. I was wondering how it goes.

Ian M. Cook

It's going. So it's not as easy as you think, but it's going. We -- long story short, we had a lot of bottles of that product, given that the volume is actually relatively low. We have a team working on redesigning the -- it was the cap, the ease of use and those things. Part of it is that the product is to be used under adult supervision. So we have to find a balance between how far can the design go, but it's going. And if you come back next year, I will give you a bottle. #1.

Unknown Attendee

Mr. Cook, Iris Wertheimer [ph] from New York.

Unknown Attendee

[indiscernible] and congratulate the Chairman and the Vice Chairman and Colgate for having the insight 15 years ago to start a relationship with [indiscernible]. Recent research of Colgate at the International Conference [indiscernible] where 56 [ph] countries were represented. They understand [ph] value and these also mature [indiscernible] look at more [ph] American and [ph] international, and I'm happy to say that our president [indiscernible] and also [indiscernible] stock exchange [indiscernible] to help the children. And so I want to thank and appreciate [indiscernible].

Ian M. Cook

Thank you. 90 years and still going strong. So I guess, #4. There's a line...

Unknown Shareholder

Mr. Cook, we have William Goldenberg [ph] from Philadelphia, Pennsylvania.

Unknown Shareholder

I want to speak on [indiscernible] I would like to make a personal request at the end. The first topic [ph] concerns global restructuring, and I've seen the recent trends that some companies are bringing operations back to this country. Will this trend affect the company's global restructuring plan? Will Colgate increase its volume in the United States? That's my first question.

Ian M. Cook

Why don't you go through both, and I'll answer them all?

Unknown Shareholder

Fine. Sure. You may regret this today [ph]. The second -- excuse me, the second topic concerns investment analysis. This comment [ph] follows up from last year's annual meeting and the presentation of a segment from the TV program Mad Money. I'm not a regular viewer of Mad Money, but I have watched it more than [ph] enough that I saw last year's collateral [ph] report before I attended the annual meeting. And a year later, in March, again in March, I saw a brief compliment about Colgate. It described Colgate's stock prices as bulletproof. Now I've watched the show maybe [ph] long enough to know that when companies are praised, [indiscernible] CEOs later in the year when they have money for an interview. My question is have you appeared on the program? And if so, would you describe it? And if not, what are the prospects for an interview for Mad Money?

Ian M. Cook

Are we done now? The answer to your first question, I told you what the -- are the 3 areas of the world [ph] that we were focused on with this global growth and efficiency program. The program, as it is currently constructed, will not see employment move away from the U.S. The only decisions we have definitely made relate, and it's in the public domain, to decisions that we have taken and are working through with European Works Council to close some facilities in Europe. Beyond that, we haven't finalized any other decision. Now we are constantly reassessing the competitiveness of all locations. And should the U.S. rise in that regard, by all means, the U.S. would become a source. Relative to your second question, I think last year I was asked whether or not I would consider appearing on Undercover Boss. I think that would be difficult in Colgate. I think most people know me reasonably well. And I would say although sometimes, I play that Mad Money clip last year when Mr. Cramer kindly commented on the company. But I think it's highly doubtful that you would see me on Mad Money or Squawk Box or any other financial-oriented show. In the end, we're a company that focuses on getting done what we say we want to get done. Seeing that translated in the performance of the company, the return of our shareholders, the growth of our employees, that's what gives us satisfaction. And usually, smart investors can see the clues, and we would prefer to leave it that way. Thank you.

Unknown Shareholder

[indiscernible]

Ian M. Cook

Can I come back to you because there are lots of other people and you've already had a couple. So let me take #5.

Unknown Attendee

Mr. Cook, we have Joe Forticallo [ph] from Brooklyn, New York.

Unknown Attendee

Mr. Cook, nice to see you again. Colgate is doing very well as always, and it keeps growing the way it's been growing. I assume that the brand credits would be a footnote in history.

Ian M. Cook

Do we record this? Do we record this?

Unknown Attendee

Just a thought you might [indiscernible]. And also, when I saw the presentation of the West Virginia [ph] Colgate [indiscernible] foreign countries and operating the vision of the Colgate tricycle, meaning there are hundreds of them do into [ph] Woodbridge and Manhattan [indiscernible]. Also, there's been lot of talk in the news about 3D printers. Recently, a gun was manufactured with a 3D printer. And I was wondering if the Colgate company is doing any kind of investing or researching of the possibility of that 3D printing technology U to replace T, or at least in some way get involved in the technology [indiscernible]. I don't know if you're involved or if you think that's a good idea...

Ian M. Cook

Well, we're not in the gun business. But the answer actually is yes, we do use 3D printing. We use 3D printing in our R&D facility in Piscataway, and we do it to do models of many of the manual toothbrush designs that I showed today, so that we can very quickly get a prototype of products developed, have consumers actually use, modify, redo with 3D printing, and then accelerate our innovation process so we can bring those products to market. Now whether we would ever get to scale use of 3D technology, 3D printing for finished product, I don't yet know. It's not beyond the realm of possibility, but we are actively involved with the technology and using it today. So thank you for your question, and I'll think about the tricycles. #6?

Unknown Attendee

Mr. Cook, our next question comes Lewis DiMarco [ph] from Brooklyn, New York.

Unknown Attendee

My question is about the tech [ph] segment. The last couple of years [indiscernible] corporation [indiscernible]. Do you have any other [indiscernible] group shopping which you have [indiscernible] in that perspective, maybe distributing it to shareholders?

Ian M. Cook

We love the pet business. It is true that the pet business came a little bit by happenstance. But when you think about it from a marketing company's point of view, the consumer loyalty, the pet methodically [ph] driven innovation that we develop, clinically proven nutrition that is recommended by vets hails as the most recommended brand in the United States for healthy pets and indeed, for pets with specific conditions that need prescribed pet food. So we think the growth prospects and the cash flow prospects of the Hill's business, which carries many of the characteristics of our oral care business even though the audience is somewhat different, is a business we like and we like it for the long term. So we have no plans to consider divesting of that business, but thanks for the question. #1?

Unknown Attendee

Mr. Cook, I have Mr. Patrick [ph] from Glen Rock, New Jersey.

Unknown Attendee

Mr. Cook, I was here at last year's meeting, and I asked a question [indiscernible] about splitting of the stock, and I thank you and the Board of Directors for doing [ph] it. So thank you.

Ian M. Cook

Oh, okay. I'll take 4 again, yes.

Unknown Attendee

And Mr. Cook, we have Gary Stuart [ph] from Fort Lee, New Jersey.

Unknown Attendee

Mr. Chairman, my name is Gary Stuart, and I'm from Fort Lee, New Jersey, and I'm running for student council. My first question, we lost a lot of money and that's the way [ph] with the devaluation of our currency. Now we're also heavily involved in Argentina. [indiscernible] political situation [indiscernible] a strategy to prevent a similar situation in Argentina that happened in Venezuela?

Ian M. Cook

Thanks for the question. Obviously indeed, the Venezuelan economy has gone through an uptick. I think in many ways on some of these issues, we were asked the question last year about should we continue in Greece because Greece looked in a difficult place. As a company, we take a philosophical view that when we enter a country, we're there for the long term and we're there ultimately for the people in the country to provide oral hygiene and the other family and home benefits that we believe our line of products provides. We are apolitical, and we have, whether it's in Latin American environments through the Asian flu, we stayed in South Africa during apartheid because we felt, like many around the world, that it was better to stay in the country and help the country move forward than to exit. So in Venezuela, we prepared ourselves. We went through one devaluation. We've been through another devaluation. And yes, our Venezuelan business was impacted. Our toothpaste market share in Venezuela is 97.6%. And I have definitely said to our folks there that when we get to 105%, we have to stop growing. We have to stop growing our market share. Our people do terrific work. Venezuela will go through its period. It will come back, the Venezuelan people will come back. And as with many situations like this in Latin America, Colgate has stayed. Colgate has suffered. It did not affect our overall performance, as you have seen, or the way investors view the company. And when we come out of this period, we believe we will be stronger and we'll have stronger loyalty for the consumers. We do many things in these countries to prepare for such situations, the way we manage our balance sheet, the way we take pricing, the way we streamline our portfolio, the way we think about building our brands. So we do many, many things in these geographies to make us ready to withstand those bumps along the road. And our business in Argentina is okay today. There is a lot of speculation about what may or may not happen. It has happened before in Argentina, which by the way is about 1% of our global business, far smaller than Venezuela, but we are in Argentina for the long haul as well. And our Latin American division, if you look at it, is one of the strongest in the company. And we think by staying in these countries and building our business, that has been part of that success. So our people on the ground, our Latin American division know how to manage these things very, very well and we will do so again. Thank you.

Unknown Attendee

Mr. Cook, I have Mr. Reznick [ph] from Brooklyn, New York.

Unknown Shareholder

I'd also like to say thank you for splitting the shares. I remember the last time they were split. You said, "Oh, I have a present for you. We're splitting the shares [indiscernible]. I bought my shares for over [ph] 50 years now. My question is I would like to know if you have a plan to make taxes light [ph]?

Ian M. Cook

If you had started using App Store [ph] 50 years ago...

Unknown Shareholder

[indiscernible] 50 years [indiscernible] And another thing, I have now dentures. A lot of my teeth [indiscernible] fall out [indiscernible].

Ian M. Cook

You could use our Optic White safely. I promise your teeth won't fall out. It's in the bag. It's in the bag. Thank you. #6?

Unknown Attendee

Mr. Cook, our next questioner is Philip Burns [ph] from New York, New York.

Unknown Attendee

Philip [indiscernible] questions together. For all of 2013, do you expect a very strong dollar [ph] to continue growing [indiscernible] and in fact relate to pricing to compensate for that?

Ian M. Cook

That's the question?

Unknown Attendee

That's the one question.

Ian M. Cook

So let me answer the question, and then we'll come back around again. We have the [indiscernible]...

Unknown Attendee

[indiscernible] more than one. [indiscernible]

Ian M. Cook

Well, how many other?

Unknown Attendee

[indiscernible] Have you considered placing a suggested expiration date on our toothbrushes? [indiscernible] to use for just 3 months?

Ian M. Cook

Okay. So let me answer the 2...

Unknown Attendee

Then I have a comment.

Ian M. Cook

So why don't you make your comment?

Unknown Attendee

While our local markets check [ph], it was potentially [ph] interested in acquiring companies such as Gillette [indiscernible]. The decision [indiscernible] on this wish list [ph] of potential acquisitions, we all look forward during your [indiscernible] tenure to your [ph] someday [indiscernible] to more acquisitions to invest [ph] and acquisitions [indiscernible].

Ian M. Cook

I'll let you know in 50 years on the last one. On the toothbrush one, I think it's a great idea. I think 2 weeks would be a perfect expiration date. On the foreign exchange, the dollar will either go up or down. And if we face a strengthening dollar such that we need to take pricing because of the transaction impact on raw materials, I think as you have seen many, many times around our world, we successfully can do and would do that. So thank you, Mr. Burns [ph]. I'll take 5.

Unknown Attendee

Mr. Cook, we have Richard Clark [ph] from Cherry Hill, New Jersey.

Unknown Shareholder

Mr. Cook, thank you for [indiscernible] stock split and increasing dividend. I have been here for a number of years, but I am concerned about the growth of the company. I like to see stock splits every year and increase -- but it's not going to happen when you live in a real world. And just to the product Viadent a number of years ago, I'd like to know what [ph] dentists recommended [indiscernible] a lot of that is going to [indiscernible]. Why did you dump that product? [indiscernible] it's still a pretty good product...

Ian M. Cook

Which product, sorry?

Unknown Shareholder

Viadent. And here's the other question. As a shareholder, [indiscernible] acquisitions [indiscernible] they went in other consumer products. Why can't we -- what are you attributing [ph] to the growth of the company? And why did you dump Viadent?

Ian M. Cook

[indiscernible] through my mind right now, none of which I can say. The -- so I won't say anything. The Viadent, we still sell Viadent. In fact, at one stage in my career, which I'm not sure I should -- anyway, at one stage in my career, I actually was in charge of that business out in Colorado. We still have the product. If you talk to the Consumer Affairs folks, you can still get it in its original distinctive flavor, as you know. So thanks. #4?

Unknown Executive

Mr. Cook, we have Gwen Rogen [ph] from New York, New York.

Unknown Attendee

Mr. Cook, I'm a financial person. And on behalf of myself and my clients, thank you for the growing [ph] institutions particularly in emerging markets. They're wonderful. Here's my question. I would like to know, there's an article recently in the Wall Street Journal talking about [indiscernible] and how -- it's tendency [ph] to limit the overuse, which is existing [ph] for Colgate [indiscernible]. Could you comment on that, and what will we be doing to -- about [ph] that issue? And would it be possible to get the name of the 3D printing companies that you are working with?

Ian M. Cook

On the latter question, I have to say I do not have that at the top of my head, but I'm sure somebody can give you that. We're not in the detergent business at all in the United States. Indeed, we're only in a couple of markets around the world. It's less today than 2% of our global sales and indeed, one of the decisions we made as a company back in the mid-'80s was this was a category that did not have the same loyalty characteristics that the categories we chose to stay in do and therefore, we elected to leave. So if that category goes down, shame. But thanks for the question. 1, yes?

Unknown Attendee

Mr. Cook, we have Ms. Fischer [ph] from New York, New York.

Unknown Attendee

I know that this year, you didn't mention the amount of meals [ph] that you donate in terms of your net [ph] food or shelters across the country. And as a stakeholder [ph], I would like to thank you for [indiscernible] donate.

Ian M. Cook

Well, thank you very much. Thank you.

Unknown Attendee

Last year, I also asked about [indiscernible] ingredients of the products, the pet products. Myself, if I don't pronounce it, I don't eat it. I don't give it to my dogs if I can't pronounce it. [indiscernible]

Ian M. Cook

If you can't, be sure it's atomic [ph].

Unknown Attendee

I was speaking to one of your executives here in the [indiscernible], and he told me that you have -- launching a product, a new product with fewer ingredients and no chemicals. When is the launch date?

Ian M. Cook

I think it's out there. It's the Ideal Balance product. So it's already gone to the marketplace. So it should be available in PETCO, PetSmart right now.

Unknown Attendee

[indiscernible]

Ian M. Cook

And you're right on those shelters. We have it. We support 1,000 of them over the country. And in the 12 years we've been doing it, it's led to the adoption of 7 million pets, which we think is terrific. Yes. Thank you. 4?

Unknown Attendee

Mr. Cook, I'd like to reintroduce Mr. William Goldenberg.

Ian M. Cook

We're on Page 2.

Unknown Shareholder

My first comment concerns suggestions for memento [ph] for both timing and being strategic leaders [ph]. I've been in 35 consecutive annual meetings, and I have seen 4 different CEOs preside these meetings. That means I even saw [indiscernible]. For many of those years, my wife has joined me, and she had often admired scarfs that many female employees wear. I'll mention you in a moment. Consequently, speaking as a shareholder and as a husband, I'm suggesting that Colgate scarfs, perhaps with a different -- with a design that's different for shareholders and retirees and [indiscernible] talking with them when we first entered the room and my wife, of course, admired her scarf. So I'm suggesting that scarfs would be provided for people such as ladies or [indiscernible].

Ian M. Cook

Give him your scarf. 5.

Unknown Attendee

Mr. Cook, I have [indiscernible] from Bronx, New York.

Unknown Attendee

Mr. Cook, thank you for being such a great CEO and having a great team [ph]. I just recently looked to [indiscernible], and I haven't seen Suavitel in any of the larger groceries [ph]. So I thought that it would be a good idea maybe to look at these [indiscernible] Suavitel because [indiscernible].

Ian M. Cook

Damn right.

Unknown Attendee

[indiscernible].

Ian M. Cook

Yes, no, I do understand. The -- no, you're right. It's a great opportunity. We will take advantage of it. Suavitel today, believe it or not, is a 16-share brand in the United States. It's a great product. It's the market-leading brand in Mexico, and we will be on that suggestion Monday morning. So thank you.

Unknown Attendee

Yes, the other question is what happened to Sanex [ph]?

Ian M. Cook

I think it's growing market share. It's doing terrific.

Unknown Attendee

But you didn't mention it.

Ian M. Cook

Oh, okay. I had the 3R [ph] version. I cut it -- I cut it, but it's doing great. So listen. That's all the questions we have time for today. So thank you very much. Do I have a motion? Do I have a motion to adjourn?

Andrew D. Hendry

I move that we adjourn.

Ian M. Cook

Meeting adjourned? That's it? Okay.



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