{ "docId": "019dd923-622b-71dc-a6db-4e5c6908a228", "docSlug": "e685a047c782", "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)", "authorId": "06_Trian_Partners", "authorName": "Nelson Peltz", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2015-02-17 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 94, "pageCount": 95, "prevPage": 93, "nextPage": 95, "slideType": "cite_precedent", "function": "cite_precedent", "density": "dense", "nDataPoints": 0, "notes": "Uses Gibson Dunn publication as the primary source for both citations.", "elementsJson": [ "headline_text", "bullet_list", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-4e5c6908a228/94", "deckHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228", "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228#slide-94", "components": [ { "bbox": { "h": 0.05, "w": 0.8, "x": 0.06, "y": 0.14 }, "kind": "paragraph", "text": "Both ISS and Glass Lewis have each recently adopted policies in favor of shareholder friendly governance at new public companies (IPO's and spinoffs):", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "73f7ba84-136f-46cc-a7fe-25fce64845b5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.06, "y": 0.48 }, "kind": "quote", "text": "Glass Lewis ordinarily gives new public companies a one-year grace period to allow them time to comply with applicable regulatory requirements and meet basic corporate governance standards. However, if the company implements an anti-takeover measure such as a rights plan or a classified board before its initial public offering, without offering a sunset for the rights plan of three years or less or a 'sound rationale,' and the measure is not subsequently put to a stockholder vote, Glass Lewis will consider recommending voting against all members of the board who served at the time the measure was adopted.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1148be34-b3b6-4b3e-8a8c-cd58e1647753", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.9, "x": 0.06, "y": 0.22 }, "kind": "quote", "text": "ISS recently adopted a policy regarding so-called \"unilateral\" bylaw or charter amendments -- provisions adopted without public stockholder approval. Under this policy, beginning in 2015, it will generally recommend withholding votes from or voting against directors who, without putting the provision to a stockholder vote, approved bylaw or charter provisions that have the effect of restricting stockholder rights.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "942366f6-104c-4e2e-b40c-79cd3b9d3132", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"ISS recently adopted a policy regarding so-called \"unilateral\" bylaw or charter amendments -- provisions adopted without public stockholder approval. Under this policy, beginning in 2015, it will generally recommend withholding votes from or voting against directors who, without putting the provision to a stockholder vote, approved bylaw or charter provisions that have the effect of restricting stockholder rights.\" — \"Governance Issues in Spin-Off Transactions\" published by Gibson Dunn on 2/5/15; \"Glass Lewis ordinarily gives new public companies a one-year grace period to allow them time to comply with applicable regulatory requirements and meet basic corporate governance standards. However, if the company implements an anti-takeover measure such as a rights plan or a classified board before its initial public offering, without offering a sunset for the rights plan of three years or less or a ‘sound rationale,’ and the measure is not subsequently put to a stockholder vote, Glass Lewis will consider recommending voting against all members of the board who served at the time the measure was adopted.\" — \"Governance Issues in Spin-Off Transactions\" published by Gibson Dunn on 2/5/15", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5374-767b-b3c8-b41d7bd6be29", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.06, "y": 0.95 }, "kind": "source-note", "text": "Source: Governance Issues in Spin-Off Transactions\" published by Gibson Dunn on 2/5/15.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "385ef3b4-eb68-4cbf-91eb-2fbe0cfc022c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Recent Trend Is For Increasingly Shareholder Friendly Corporate Governance", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0bab7217-5ce2-47cd-a55f-7b33223d79dc", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "b47f14ef-cc9c-47c9-b383-9c68d0d66e2b", "evidence": "Citing ISS and Glass Lewis policies via Gibson Dunn to support the thesis.", "confidence": 0.9 } ], "arcBeats": [ { "to": 95, "from": 60, "beatId": "17930cb1-5e44-4ce1-932b-8378590408cd", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Impact & Next Steps", "beatSlug": "consultants-gambit-impact-next-steps", "evidence": "The presentation outlines the potential impact of Trian's initiatives and the next steps for DuPont.", "position": 3, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }