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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
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  "authorName": "Nelson Peltz",
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  "presentationDate": "2015-02-17 00:00:00",
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  "notes": "Uses a classic 'Rhetoric vs. Reality' contrast frame.",
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      "kind": "callout",
      "text": "We're pleased that DuPont has more recently acted on our recommendation to adopt a more shareholder-friendly capital return policy",
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      "text": "We’re pleased that DuPont has more recently acted on our recommendation to adopt a more shareholder-friendly capital return policy",
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      "text": "Between 2009 and 2013, DuPont returned less FCF and proceeds from divestitures than peers; Under the CEO's tenure, dividend growth has been significantly below that of peers; Diluted shares outstanding have risen during CEO tenure; >10 years to complete its 2001 buyback authorization of $2bn; No timeline for 60% of current $5bn buyback program; Only $1bn of $4bn coatings proceeds returned to shareholders",
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      "text": "free cash flow return: 52%",
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      "text": "Returning capital to shareholders remains a hallmark of DuPont. From 2009 to date, we returned more than $9 billion to shareholders through dividends, an increase of 12% during this period.",
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      "text": "Returning capital to shareholders remains a hallmark of DuPont. From 2009 to date, we returned more than $9 billion to shareholders through dividends, an increase of 12% during this period. — October 2014 Letter to Shareholders",
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