DuPont Shareholders Reject Say On Pay

By  | 

Wilmington, Del. (AP) -- DuPont Co. shareholders Wednesday narrowly rejected a proposal to give investors in the chemical manufacturing company a nonbinding vote each year on executive pay.

The proposal called for adoption of a policy allowing shareholders the opportunity at each annual meeting to vote on a resolution to ratify the compensation of named executive officers.

Fifty-three percent of shareholders voted to reject the "say on pay" proposal.

Forty-six percent favored it.

DuPont chairman Chad Holliday said the company agrees shareholders should have a voice in compensation.

But he said the company opposed the proposal.

DuPont's Board of Directors said the proposed advisory vote could place the company at a competitive disadvantage in attracting and retaining executives.

(Copyright 2009 by the Associated Press. All rights reserved.)

Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus