DuPont Shareholders Reject Say On Pay

By: Associated Press
By: Associated Press

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.)


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