DuPont Rejects Trian Request To Use Universal Proxy Card For Directors Election

(RTTNews) - Chemicals giant EI DuPont De Nemours & Co. (DD) said its board has unanimously determined that the use of a universal proxy card would not be in the best interests of DuPont shareholders for a variety of reasons.

In a letter date on February 23, 2015, Nelson Peltz and his firm, Trian Fund Management LP had requested DuPont to use a universal proxy card for the election of directors at upcoming Annual Meeting of Shareholders.

Trian Fund Management, L.P., one of the largest stockholders of E. I. du Pont de Nemours and Company, which currently beneficially owns approximately 24.6 million DuPont shares valued at approximately $1.9 billion, today commented on DuPont's rejection of Trian's proposal to provide DuPont stockholders with a universal proxy card, including both Trian and DuPont nominees, in connection with the Company's 2015 Annual Meeting of Stockholders.

Nelson Peltz, Chief Executive Officer and a Founding Partner of Trian, said, "We are disappointed that the DuPont Board has unanimously chosen to limit stockholder choice and veto best-in-class corporate governance by rejecting our proposal to allow stockholders to elect the best directors from among all director candidates. In objecting to the use of the universal proxy card, DuPont is forcing stockholders to elect either the Trian slate of candidates or the DuPont slate of candidates -- rather than permitting stockholders to elect whichever candidates they prefer regardless of which proxy card they submit."