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Huntsman wins proxy fight

by Michael McCoy
April 7, 2022 | A version of this story appeared in Volume 100, Issue 12


Huntsman shareholders have backed the chemical company’s management and voted against four board members proposed by the activist investment firm Starboard Value. Starboard revealed in January that it owned 8.6% of Huntsman’s shares outstanding, making it one of the company’s largest shareholders. At the time, Starboard said it wanted to get four new directors on Huntsman’s board during elections at its annual meeting on March 25. In the weeks that followed, Huntsman and Starboard traded barbs through press releases, presentations, and reports. Huntsman announced March 25 that shareholders voted to elect all 10 of the company’s director nominees. In a statement, CEO Peter Huntsman said that “the outcome of today’s shareholder vote is validation of our portfolio strategy and recognition that the Huntsman of today is vastly different than the Huntsman of five years ago.” In a letter to Huntsman shareholders, Starboard noted that it still owns about 8.8% of the company’s outstanding shares. “We hope that the Board recognizes that this clearly shows that shareholders not only expect management to fulfill its promises, but also expect the Board to hold management accountable for these promises,” the letter states.


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