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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2015-02-17 00:00:00",
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      "kind": "callout",
      "text": "Instead, management has missed guidance for the third year in a row(2)\nTime and resources continue to be wasted\nWhy is it that DuPont recognizes the need to upgrade the Board but refuses to allow a large stockholder with a strong track record into the Boardroom?",
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      "kind": "callout",
      "text": "Why is it that DuPont recognizes the need to upgrade the Board but refuses to allow a large stockholder with a strong track record into the Boardroom?",
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      "kind": "list",
      "text": "We reject this notion, as Trian has consistently and purposefully avoided proxy contests over the years",
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      "kind": "list",
      "text": "However, Trian’s efforts to compromise with DuPont since 2013 have been summarily rejected",
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      "text": "There have been many situations where we believe we could have gained more seats than for which we had settled, had we forced a proxy contest, but we compromised to avoid unnecessary distraction and to work constructively and collegially in the boardroom",
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      "text": "We have repeatedly offered to settle by adding a Trian Principal to the Board",
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      "kind": "list",
      "text": "DuPont asserts that “Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan”(1)",
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      "text": "Trian has had only one proxy contest since inception a decade ago (Heinz); we have been able to reach an agreement with the company in the 12 other situations where we requested board representation",
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      "text": "This includes agreements with some of the largest and most prominent companies in the world, such as PepsiCo, Mondelēz, Ingersoll-Rand and The Bank of New York Mellon",
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      "text": "Disappointingly, this current situation could have been resolved at many different stages since 2013, but DuPont has not shown any interest in pursuing a settlement involving a Trian Principal",
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      "text": "In return, we pledged to work constructively to unlock value from a minority position - one where we could only influence events by convincing the majority of board members with “the power of the argument”",
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      "text": "“Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan” — Company press release, January 8, 2015.",
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      "text": "(1) Company press release. January 8, 2015.\n(2) Excludes one-time gains, the impact of better than expected tax rate and other one-time items.",
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      "text": "DuPont Has Chosen The Path Of “Disruption”… Not Trian",
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