April 6, 2015 / 2:45 PM / 5 years ago

DuPont to meet with proxy firm ISS later this month - source

April 6 (Reuters) - DuPont, in the thick of a battle with activist investor Trian Fund Management LP over board seats, will meet proxy-advisory firm Institutional Shareholder Services in the third week of April, a person familiar with the matter told Reuters.

The advisory firm’s report will be published between a week and 10 days after the meeting, the person said.

Trian is seeking four seats on DuPont’s board, including one for Nelson Peltz, the fund’s chief executive.

The chemical conglomerate has refused to add Peltz to its board, but is prepared to accept John Myers, one of the fund’s other nominees.

Peltz wants DuPont to separate its materials businesses from its nutrition and health, agriculture, and industrial biosciences divisions.

Splitting the company will result in upfront costs of about $4 billion, DuPont said in a shareholder presentation on Monday. (bit.ly/1FvO6BX)

The company is already in the process of spinning off its performance chemicals unit.

DuPont’s annual shareholder meeting will be held on May 13. (Reporting by Swetha Gopinath in Bengaluru; Editing by Simon Jennings)

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