WILMINGTON, Del. — DuPont has scheduled its annual shareholder meeting for April 27 in New York City, but stockholders will have to wait a bit longer to express their thoughts on the company's proposed $130 billion merger with The Dow Chemical Co.
A special shareholder vote on the Dow deal is scheduled to occur in Wilmington later this quarter, according to DuPont spokesman Dan Turner. However, an exact date for that meeting has yet to be determined.
"We look forward to engaging in a constructive dialogue with all of shareholders during this important time for the company," Turner said.
In a break from tradition, the annual meeting will be held at the Lotte New York Palace hotel in Manhattan. Historically, DuPont's annual meeting was held at the Hotel duPont in downtown Wilmington until last year when it was moved to the company's Chestnut Run headquarters.
Turner said the annual shareholder meeting was relocated to New York to accommodate a concurring meeting between the boards of directors of both Dow and DuPont.
Some had speculated the new location was to mute criticism from Delaware shareholders angry over the company's local layoffs. DuPont is laying off 1,700 Delaware employees, accounting for nearly 28% of its workforce in The First State.
"If you are letting a high percent of your workforce go, you would expect some protests," said John Roberts, an analyst with UBS Global. Securities in New York. "Whether or not it is being moved for that reason, I can't imagine."
Several issues outside of the Dow deal will be debated at the annual meeting. Shareholders will be able to re-elect all 14 members of DuPont's board of directors. Unlike last year, when activist investor Nelson Peltz lobbied shareholders to elect four candidates nominated by his hedge fund, Trian Fund Management, all directors are running unopposed.
Other issues include the ratification of an accounting firm to oversee DuPont's finances and approval of an executive compensation plan.
Several stockholder proposals are also on the table. The International Brotherhood of DuPont workers has proposed the creation of an advisory position filled by a company employee who can inform the board of directors about worker safety. It is a proposal inspired by the four workers killed in 2014 at a DuPont plant in LaPorte, Texas. The board opposes the idea, arguing the company is subject to extensive state and federal safety regulations.
Another proposal requests DuPont only purchase oils, sugars and wood pulp from suppliers and vendors not engaged in deforestation or wetland expansion. DuPont's board is against the proposal, noting in the proxy filing the company already has procedures in place to address that issue.
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