When Nelson Peltz tried to secure a spot on the board of E.I. Du Pont de Nemours and Co. (DD) along with three other dissident candidates as part of an activist campaign, two major proxy advisory firms sided with him. However, investors ultimately voted in support of Dupont’s management, leaving Peltz and his candidates out in the cold. Sources told The Deal’s Ron Orol that major institutional investors are doing their own research, and can’t be counted on to vote according to proxy firms’ recommendations. Sure enough, major funds including BlackRock, Vanguard, and State Street all voted with the company, while event-driven hedge funds weren’t convinced by Peltz’s thesis either, sources told Orol. The Deal’s Senior Reporter Lisa Allen has the details from New York.
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