E.I. du Pont de Nemours and Co. shareholders on April 26 will vote on a proposal sponsored by the $558 million United Brotherhood of Carpenters and Joiners of America Pension Fund, Washington, that calls for a pay-for-superior-performance standard for senior executives. Under the proposal, financial targets would have to exceed average peer-group performance for executives to receive incentive pay and long-term equity compensation.
"We believe … that our current program is largely performance-based, and effectively aligns participants' interests with those of our stockholders," the company said in its proxy statement.
Another proposal to be voted on is sponsored by Christian Brothers Investment Services and other religious-related funds and asks the Wilmington, Del., company's board to report to shareholders on the "potential adverse impacts associated with genetically modified organisms (associated with the company's biotechnology research and products) including … retaining an independent environmental expert to review the effectiveness of established risk management processes and examining possible impact on seed product integrity," according to the proposal.
The DuPont board "believes that the concerns raised in the proposal are already being satisfied," according to the statement. "The company currently has in place an extensive system of controls and procedures designed to ensure that issues are surfaced and addressed."