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.)