DuPont shareholders reject stockholder proposal to separate roles of CEO and board chair

DOVER, Del. – DuPont shareholders again rejected a proposal calling for the company’s chairman to be an independent director and not have served as a DuPont executive.

Shareholders voted down the stockholder proposal at their annual meeting Wednesday in Wilmington, with 66 per cent of ballots against and 34 per cent in favour.

The proposal received less support than when first introduced last year, when it won 43 per cent of the vote.

Sponsors of the resolution say having the company’s CEO also serve as the board chair could hinder the board’s ability to properly monitor the chief executive’s performance.

Following last year’s vote, DuPont’s board increased the responsibilities of the lead director to provide more balance with the combined CEO and chair, and align with criteria of Institutional Shareholder Services, a shareholder advisory firm.