Saturday, November 22, 2014
Inquirer Daily News

DuPont faces "say-on-pay" vote at today's annual meeting

Shareholders of the Wilmington chemical giant turned down a similar proposal last year.

DuPont faces "say-on-pay" vote at today's annual meeting

DuPont Co. shareholders will be asked to vote on only one stockholder-sponsored resolution today compared with five last year.

The chemical giant will once again hold its annual meeting at the DuPont Theatre, 1007 Market St., Wilmington, at 10:30 a.m.

The lone shareholder resolution seeks to give shareholders a “say on pay” on how DuPont compensates its top management. A similar measure in last year’s proxy statement did not pass.

DuPont reported that the 2008 say-on-pay resolution received 275.2 million votes “for,” 344.5 million “against” and 25.9 million “absentions.”

(To find the results of proxy voting, check the Form 10-Q document that follows a company’s annual meeting. Usually, you’ll find a breakdown of the vote totals below the quarterly financials.)

Last year, DuPont faced proposals to separate the positions of chairman and CEO, to require a global warming report, to amend the company’s human rights policy, and to create a committee to focus on the impact on communities of plant closures. None of them passed, and none will be on the ballot today.

It’s pretty routine for companies to oppose shareholdersponsored resolutions, and DuPont is recommending investors vote against this year’s say-on-pay measure sponsored by William Steiner, of Piermont, N.Y., who owns 3,300 DuPont shares.

Even though management tends to prevail, these votes are no longer the slam dunks they once were.

Shareholders of Apple Inc. just won the right to vote on the pay of the executives named in its proxy. The measure was approved by 52 percent of the votes cast.

More meetings

Speaking of annual shareholder meetings, three others are being held today:

* EResearchTechnology Inc., the Philadelphia provider of cardiac safety products and services for clinical trials, at its corporate headquarters at 1818 Market St., Philadelphia, at 10 a.m.

* TF Financial Corp., the Newtown bank holding company, at Holy Family University in Newtown at 9:30 a.m.

* USA Technologies Inc., the Malvern provider of vending machine technology, at the Chester Valley Golf Club in Malvern at 10 a.m.

Mike Armstrong Inquirer Columnist
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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