Polman said analysts were "pissing away" the possibility of higher shareholder returns by suggesting Unilever could spend more on growing its earnings through rising sales rather than through cutting costs.
Asked by one analyst if Unilever might want to raise its brand-marketing spending to seek more revenue growth at the expense of a bit of margin, Polman took issue with what he called an implied assumption that the company's brand spending isn't competitive.
"You've been telling us the margins were low for the first five years, and I've been telling you we have made investments to be able to get this company back on track and where it belongs to be," Polman said. "Here you are all saying 'I want shareholder value, I want to drive it,' and you're pissing it away by not even asking us to give it. To me, that's incomprehensible."
The CEO said there was "no brake" on efforts to raise volumes. "We are not doing anything on the volume side differently because we are promising you the margin," he said. "The margin is entirely coming from what something that you should demand, but nobody is demanding, which is very amazing to me."
Polman has been driving what he calls a more sustainable approach to doing business, from hand-washing initiatives in Africa to picking up niche brands with ecological cachet, arguing this strategy ultimately will yield higher growth than staples from soap to mayonnaise.
Big food companies are facing demands by investors to cut costs and accelerate sales simultaneously as growth fades. Earlier this year, Nestle Chief Executive Officer Mark Schneider said many food and beverage companies are focused so much on cutting costs that they will undermine their growth prospects, challenging the mantra that's been driven by companies such as Kraft Heinz Co. and Anheuser-Busch InBev.
"If we find opportunities to invest more or if we need to invest more, we will do it, there's no question about that," Polman said at the investor event. "I want to be very clear on that."
The Dutch executive, who joined Unilever as CEO in January 2009, has pledged to save 6 billion euros ($7.2 billion) in a cost-cutting drive after rebuffing an unsolicited takeover bid from Kraft Heinz, known for its frugality, in February. Earlier this month, Unilever's board hired headhunting firm Egon Zehnder to cement its succession planning for Polman's eventual departure, which is expected to be in about 18 months, according to a person familiar with the situation.
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