Peltz gets key backer in fight for influence at DuPont

NEW YORK (AP) -- Nelson Peltz gained a powerful backer Monday after the proxy advisory firm Institutional Shareholder Services said that change may be warranted at DuPont and recommended shareholders give the billionaire investor seats on its board.

Peltz's Trian Fund Management is pushing the chemicals maker to split into two companies and it has nominated four directors for company the board.

ISS on Monday said that shareholders should support Peltz and one of his nominees, John Myers, the former CEO of General Electric Co.'s asset management business. It said that some of Trian's criticisms of DuPont have merit.

The company's operating efficiency could be better and the board and management are not communicating well with shareholders, according to ISS. That has left questions unanswered as to whether breaking up the company would be advantageous.

"The dissidents have made a compelling case that change is warranted," ISS wrote.