Protests beset Du Pont stockholders meeting

Abstract

Those who consider corporate annual meetings to be dull, efficient affairs might find Du Pont's meeting last week in Wilmington, Del., mind-boggling. Du Pont chairman Edgar Woolard had to deal with antagonistic questions on the company's phaseout of chlorofluorocarbon (CFC) production, on carbon dioxide emissions, on divestment of South African assets, and on executive compensation. His inquisitors included a host of demonstrative groups and individuals—among them Greenpeace, Friends of the Earth, former Presidential and current Vice Presidential aspirant Jesse Jackson, and corporate gadflies Evelyn Y. Davis and John Gilbert. These doings eclipsed reports on Du Pont's business. The company reported first-quarter 1992 net earnings of $482 million, down 18% from last year's first quarter. Sales dropped 5% to $9.2 billion in the quarter. Du Pont increased its annual dividend 5% to $1.76 per share, because the outlook is bright for a recovery in earnings. But the meeting was high drama and the issues were ...