Urethane Blog

Huntsman Weathers Board Challenge

March 25, 2022

Huntsman Shareholders Elect All Huntsman Director Nominees at 2022 Annual Meeting

Download as PDF March 25, 2022 10:21am EDT

THE WOODLANDS, Texas, March 25, 2022 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) today announced, based on preliminary vote results provided by its proxy solicitor following the Company’s 2022 Annual Meeting of Stockholders, that Huntsman shareholders have voted to elect all 10 of its director nominees – Peter R. Huntsman, Dr. Mary C. Beckerle, Sonia Dulá, Cynthia L. Egan, Curtis E. Espeland, Daniele Ferrari, Jeanne McGovern, José Muñoz, David B. Sewell and Jan E. Tighe – to the Company’s Board of Directors. 

Peter R. Huntsman, Chairman, President and CEO, commented as follows: 

“We appreciate the dialogue that we’ve had with a significant number of our shareholders during this campaign – including almost all of our 100 largest shareholders – and want to thank all of our shareholders for the feedback they provided. Over the past few years, we transformed our product portfolio to focus on ‘value over volume’ and fully deleveraged our balance sheet, earning an investment grade rating. 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. 

Mr. Huntsman further commented:

“Our fit for purpose and refreshed Board is committed to delivering on its core principles of shareholder alignment and accountability as we continue to execute on the strategy outlined at our November 2021 Investor Day. As Huntsman looks to the future, the Board and the management remain unwavering in our steadfast commitment to build on our record results this past year and to continue delivering lasting value for our shareholders. Looking momentarily to the past, we would like to thank our departing directors – Nolan Archibald, Anthony Burns, Sir Robert Margetts and Wayne Reaud – for their many contributions to the Company. As previously announced, each departed effective at the Annual Meeting.

In closing, Mr. Huntsman noted the Board’s intent to continue building on the high level of shareholder engagement prompted in part by Starboard’s campaign. With regard to Starboard more specifically, Mr. Huntsman stated:

“While we had our differences with Starboard on the key issue of Board composition, we appreciated the constructive dialogue we had with them on that topic as well as several other business matters since their initial investment and look forward to continued engagement with Starboard as a significant investor in Huntsman.”

The results announced today are considered preliminary until final results are tabulated and certified by the independent Inspector of Elections. Final results will be reported on a Form 8-K that will be filed with the Securities and Exchange Commission.