International Brotherhood of DuPont Workers

 

Jim Flickinger - President      Tony Davis - Vice President

Donny Irvin- Secretary/Treasurer 

Kenneth Henley - General Counsel 

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IBDW PROPOSAL FOR DUPONT STOCKHOLDERS REJECTED BY SECURITIES AND EXCHANGE COMMISSION

 

In November 2009, the IBDW submitted the following proposal for inclusion in Dupont's Stockholder Proxy, to be voted on during their 2010 Annual Meeting.  Unfortunately, the SEC upheld Dupont's argument to exclude this proposal from their 2010 proxy claiming that the IBDW did not provide proof of stock ownership within the prescribed time period.

 

Therefore, the IBDW will once again take our message to the stockholders through the Wilmington News Journal. 

 

An article written by the IBDW General Counsel, Kenneth Henley, was published in the April 23, 2010 edition of the News Journal.

 

To view this article, click on the following link:  http://www.delawareonline.com/apps/pbcs.dll/article?AID=20104230321

 

Scroll down to review the proposal that the IBDW attempted to have included in the 2010 Proxy.

 


IBDW Proposal

The International Brotherhood of Dupont Workers, P.O. Box 10, Waynesboro, VA 22980, owner of 60 shares of Dupont Common Stock, has given notice that it will introduce the following resolution and statement in support thereof:

Resolved:  That the stockholders of E.I. Dupont De Nemours & Company, assembled in annual meeting in person and by proxy, hereby recommend the following nonbinding proposal:  that the  Board of Directors prepare a report, to be made available to shareholders four months after the 2010 Annual meeting, that shall review the compensation packages provided to senior executives of the Company and address the following.

1.      Comparison of compensation packages for senior executives with that provided to the lowest paid Company employees. 

2.      Whether there should be a ceiling on compensation provided to senior executives so as to prevent the possibility of excessive compensation.

3.      Whether compensation of senior executives should be adjusted in a situation where there is a stated need for employees to be laid off from work.

 

 

Stockholders’ Statement

Pay for executives of Dupont is determined by a Board of Directors.  Each member of the Board received annual compensation of between $250,000 - $300,000 for their service on the Board in 2008.  Yet it does not appear that these members of the Board are required to attend any meetings or even participate in conference calls.  Nor is it clear precisely what work, if any, is actually performed by any individual member of the Board. 

Given this extraordinarily generous compensation provided to the members of the Board, is it any surprise that these same members have approved extraordinarily generous compensation for executives of Dupont, with the offered justification, generic as it is, that such pay is necessary to retain and motivate these same executives?

Yet virtually nothing is said in the March 2009 report to shareholders about how the employees of Dupont  who are not executives are compensated.  This failure is no surprise given that these employees have over the  past two years been granted the most minimal of wage increases and have experienced the gutting of their pension plan.

This proposal seeks to have the Board address these issues of compensation, issues involving not just the compensation of executives, but the compensation of executives in relation to how the non-executive employees of this company are compensated.  

If you AGREE with this proposal, please mark your proxy FOR this resolution. 

 

 

 

Send mail to jimflickinger@dupontworkers.com with questions or comments about this web site.