CalSTRS Statement on the Results of Trian Slate at DuPont Annual Meeting
WEST SACRAMENTO, Calif. – The following statement is attributable to California State Teachers’ Retirement System (CalSTRS) Director of Corporate Governance Anne Sheehan:
“While CalSTRS is disappointed Trian did not prevail in their bid to seat a slate of nominees to the DuPont Board of Directors, we are encouraged by the changes Trian Partners have driven at the company. DuPont has acted on many of Trian’s early recommendations and, as partners with Trian, we are prepared to work from the outside toward long-term growth in collaboration with the board.
“The significant number of shareholders who supported Trian clearly reinforces their view. We expect the current board to continue to work diligently on the turn-around plan and to hold management accountable to their stated goals.
“CalSTRS, as a long-term owner, seeks always to maximize shareholder value at our portfolio companies and, particularly at DuPont, to ensure management makes good on their earnings projections. Our goal is to establish and maintain a source for the financial security of California’s educators and their families.
“CalSTRS shares Trian’s long-term approach to company performance and we will continue to hold DuPont shares decades after today’s vote.”
The California State Teachers’ Retirement System, with a portfolio valued at $191.2 billion as of March 31, 2015, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. CalSTRS serves California’s 879,000 public school educators and their families from the state’s 1,700 school districts, county offices of education and community college districts.