By Tess Stynes
DuPont Co. said its board approved changes to the planned
corporate governance structure for the performance-chemicals
business that it is spinning off.
The chemical giant has been under pressure from Trian Fund
Management LP, which is pressing for seats on DuPont's board. The
activist investment firm co-founded by Nelson Peltz has been aiming
to shake up the company and has been pressing for a further split
into one company focused on agriculture and nutrition and another
focused on industrial materials.
DuPont said in a regulatory filing Monday that the changes
approved by its board include lowering the threshold for
shareholders to call special meetings to 25% at the spinoff
performance-chemicals business, which will be named Chemours Co.
The company began planning for that spinoff before Trian got
involved.
Chemours shareholders also will receive the option to vote to
end the company's classified board structure at its first annual
meeting next year. If holders chose to declassify the board, the
entire board would come up for election starting in 2017, instead
of having staggered terms.
DuPont said it remains on track to complete the spinoff in mid
2015.
Write to Tess Stynes at tess.stynes@wsj.com
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