Nelson Peltz's Trian Partners Comments On The DuPont Vote
Here's what Nelson Peltz's Trian Partners had to say about the DuPont (NYSE: DD) vote yesterday:
The certified voting results confirm that the vote was extremely close. Had any one of the three large index funds voted all of the shares they owned for Trian's nominees, Trian would have won board representation. The support Trian received from the vast majority of the active institutional owners of DuPont shares as well as from the leading proxy advisory firms underscores the desire for constructive and meaningful change at DuPont. We hope these election results will lead the Board to hold management accountable to improve operating performance. Trian intends to continue to closely monitor DuPont’s operational and financial performance.
We've covered this topic extensively, noting that Peltz could have easily won, "The issue is that passive investors and index funds are all for a good corporate governance change story, but what they've been shown to not like (i.e. vote against) is restructuring.