- Declares quarterly dividend of 70
cents per share
- Richard K. Davis re-elected
independent lead director
MIDLAND,
Mich., April 13, 2023 /PRNewswire/
-- Dow (NYSE: DOW) is pleased to report the
preliminary results of its 2023 Annual Meeting of Stockholders.
Today stockholders elected Samuel R.
Allen, Gaurdie E. Banister Jr., Wesley G. Bush, Richard
K. Davis, Jerri DeVard,
Debra L. Dial, Jeff M. Fettig, Jim
Fitterling, Jacqueline C.
Hinman, Luis Alberto Moreno,
Jill S. Wyant, and Daniel W. Yohannes to the Company's Board of
Directors for one-year terms.
Stockholders approved an advisory resolution on executive
compensation and ratified the appointment of Deloitte & Touche
LLP as Dow's independent auditor for 2023. A majority of votes cast
by Dow stockholders were against the Stockholder Proposal for an
Independent Board Chairman and against the Stockholder Proposal for
a Single-Use Plastics Report.
The final voting results on all agenda items will be available
in a Form 8-K to be filed by the Company, which can be found at
investors.dow.com after certification by the Company's
inspector of elections. The meeting will be available via
webcast replay on Dow's website. Additionally, the Company
expects to publish its annual INtersections report mid-year
and will continue to include disclosures on our climate,
circularity and other sustainability initiatives.
Following the Company's 2023 Annual Meeting of Stockholders, the
Board of Directors declared a quarterly dividend of 70 cents per share, payable June 9, 2023, to shareholders of record on
May 31, 2023. This marks the 447th consecutive dividend paid
by the Company or its affiliates since 1912.
The Board also re-elected Richard K.
Davis to serve as independent lead director for a one-year
term. Mr. Davis joined Dow's board in May
2015 and has served as independent lead director since
April 2021. Additionally, he has
served as a member of the Company's corporate governance committee
since April 2019 and as chair of the
audit committee since April 2021.
Dow's board ranks in the top quartile for ethnic diversity among
industry peers and nearly 60% of its directors are women or U.S.
ethnic minorities – demonstrating the Company's commitment to
diversity. The Company's Board of Directors is comprised of a
strong balance of new and highly experienced directors, with an
average tenure of approximately 5 years. All directors are all
highly accomplished leaders and together bring a variety of
relevant skills and diverse experiences, including capital
allocation; financial acumen; risk management; technology
expertise; operational experience; and environmental, social and
governance expertise.
Biographies for all directors, committee assignments and other
corporate governance information are available on our Corporate
Governance website.
About Dow
Dow (NYSE: DOW) combines global breadth; asset integration and
scale; focused innovation and materials science expertise; leading
business positions; and environmental, social and governance
leadership to achieve profitable growth and help deliver a
sustainable future. The Company's ambition is to become the most
innovative, customer centric, inclusive and sustainable materials
science company in the world. Dow's portfolio of plastics,
industrial intermediates, coatings and silicones businesses
delivers a broad range of differentiated, science-based products
and solutions for its customers in high-growth market segments,
such as packaging, infrastructure, mobility and consumer
applications. Dow operates manufacturing sites in 31 countries and
employs approximately 37,800 people. Dow delivered sales of
approximately $57 billion in 2022.
References to Dow or the Company mean Dow Inc. and its
subsidiaries. For more information, please
visit www.dow.com or follow @DowNewsroom on
Twitter.
For further information, please contact:
Kyle Bandlow
+1 989-638-2417
kbandlow@dow.com
Twitter: https://twitter.com/DowNewsroom
Facebook: https://www.facebook.com/dow/
LinkedIn: http://www.linkedin.com/company/dow-chemical
Instagram: http://instagram.com/dow_official
Cautionary Statement about Forward-Looking Statements
Certain statements in this press release are "forward-looking
statements" within the meaning of the federal securities laws,
including Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such statements often address expected future business and
financial performance, financial condition, and other matters, and
often contain words or phrases such as "anticipate," "believe,"
"estimate," "expect," "intend," "may," "opportunity," "outlook,"
"plan," "project," "seek," "should," "strategy," "target," "will,"
"will be," "will continue," "will likely result," "would" and
similar expressions, and variations or negatives of these words or
phrases.
Forward-looking statements are based on current assumptions and
expectations of future events that are subject to risks,
uncertainties and other factors that are beyond Dow's control,
which may cause actual results to differ materially from those
projected, anticipated or implied in the forward-looking statements
and speak only as of the date the statements were made. These
factors include, but are not limited to: sales of Dow's products;
Dow's expenses, future revenues and profitability; the continuing
global and regional economic impacts of the coronavirus disease
2019 ("COVID-19") pandemic and other public health-related risks
and events on Dow's business; any sanctions, export restrictions,
supply chain disruptions or increased economic uncertainty related
to the ongoing conflict between Russia and Ukraine; capital requirements and need for and
availability of financing; unexpected barriers in the development
of technology, including with respect to Dow's contemplated capital
and operating projects; Dow's ability to realize its commitment to
carbon neutrality on the contemplated timeframe; size of the
markets for Dow's products and services and ability to compete in
such markets; failure to develop and market new products and
optimally manage product life cycles; the rate and degree of market
acceptance of Dow's products; significant litigation and
environmental matters and related contingencies and unexpected
expenses; the success of competing technologies that are or may
become available; the ability to protect Dow's intellectual
property in the United States and
abroad; developments related to contemplated restructuring
activities and proposed divestitures or acquisitions such as
workforce reduction, manufacturing facility and/or asset closure
and related exit and disposal activities, and the benefits and
costs associated with each of the foregoing; fluctuations in energy
and raw material prices; management of process safety and product
stewardship; changes in relationships with Dow's significant
customers and suppliers; changes in consumer preferences and
demand; changes in laws and regulations, political conditions or
industry development; global economic and capital markets
conditions, such as inflation, market uncertainty, interest and
currency exchange rates, and equity and commodity prices; business
or supply disruptions; security threats, such as acts of sabotage,
terrorism or war, including the ongoing conflict between
Russia and Ukraine; weather events and natural disasters;
and disruptions in Dow's information technology networks and
systems; and risks related to Dow's separation from DowDuPont Inc.
such as Dow's obligation to indemnify DuPont de Nemours, Inc.
and/or Corteva, Inc. for certain liabilities.
Where, in any forward-looking statement, an expectation or
belief as to future results or events is expressed, such
expectation or belief is based on the current plans and
expectations of management and expressed in good faith and believed
to have a reasonable basis, but there can be no assurance that the
expectation or belief will result or be achieved or accomplished. A
detailed discussion of principal risks and uncertainties which may
cause actual results and events to differ materially from such
forward-looking statements is included in the section titled "Risk
Factors" contained in the Company's Annual Report on Form 10-K for
the year ended December 31, 2022 and
the Company's subsequent Quarterly Reports on Form 10-Q. These
are not the only risks and uncertainties that Dow faces. There may
be other risks and uncertainties that Dow is unable to identify at
this time or that Dow does not currently expect to have a material
impact on its business. If any of those risks or uncertainties
develops into an actual event, it could have a material adverse
effect on Dow's business. Dow Inc. and TDCC assume no obligation to
update or revise publicly any forward-looking statements whether
because of new information, future events, or otherwise, except as
required by securities and other applicable laws.
®™ Trademark of The Dow Chemical
Company ("Dow") or an affiliated company of Dow
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SOURCE The Dow Chemical Company