Trian On DuPont Proxy Vote: Shareholders Who Really Care Overwhelmingly Voted For Us

The board of E I Du Pont De Nemours And Co (NYSE: DD) won against Trian Partners in the proxy vote that was held Wednesday.

Nelson Peltz, founder of Trian Partners, was on Bloomberg TV following the voting results to discuss why Trian lost.

Votes Came In From Those Who Care

"The shareholders who really care, the shareholders who do research on this company, those are the ones who overwhelmingly voted for us," Peltz said. "Three proxy advisory firms all advised a seat for us, and it was retail and the index funds who went the other way and swung the day. And it's unfortunate, but we will take a watchful eye."

Related Link: DuPont Pounced After Proxy Victory: A Technical Look

He continued, "We will evaluate what's going on and monitor the company from here on in. Look, we have done well for our shareholders; that's important. And unfortunately, the market is telling you that – how disappointed they are."

What Happened Today?

Peltz was asked that if he had prominent shareholder support going into the proxy vote, why wasn't Trian able to win the proxy vote. He replied, "Well, what happened is that the retail that we— it's very hard for us to talk to retail, and there was a big component of retail and getting to retail and retirees is a matter of money and a matter of allegiance.

"And the fact is that they had the allegiance of the retirees and they had that and then the index funds we were hoping to get one or two of them. They seemed to all voted [sic.]; they were all like-minded in the way they voted. And that clearly hurt us, and that's where we are today, but there is a long road ahead," Peltz concluded.

 
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