Nelson Peltz On Why DuPont Is Not Granting Trian Partners Board Seats

In January, activist investor and Trian Partners CEO Nelson Peltz launched a proxy fight against E I Du Pont De Nemours And Co DD to break up the company. That proxy war has now resulted in the company and Peltz fighting about the composition of the company's board.

Peltz was on CNBC Thursday to discuss his fight against DuPont over the company's refusal to grant him seats on the company's board.

Chaotic EPS

"They did $3.93 [EPS] for the year 2011, that's what they got compensated for," Peltz said.

"Then they put out a 8-K and said, ‘You got to add back a portion of the pension, the non-employee pension that was $0.39.’ They said also that the most important number for us is the EPS, which was $3.93. Then we took the $0.39, which they identified as an add back; that's how we got to $4.32."

Peltz remarked, "Now they are trying to tell you that earnings for 2011 were $2.03; they got paid on almost $4."

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'We Know What's Going On'

On the reason why DuPont is not granting him board seats, Peltz said, "The reason is when we come on a board, when a partner of Trian goes on a board, about 20 people sign a CA, they sign confidentiality agreements. So, when those thousand pages show up, the legal goes through our legal department, the financings go through our financing department, the operating materials go through the analyst who have been following this company for two plus years and the industry for much longer."

He explained further, "So, when we go into a board meeting, we know what's going on. The other directors and they have good intentions; those thousand pages become a show and tell as opposed to an interaction."