DuPont Board OKs Governance Changes

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DuPont Co. said its board approved changes to the planned corporate governance structure for the performance-chemicals business that it is spinning off.

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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.