AIMCo Supports Agrium Inc. Board of Directors
EDMONTON, March 22, 2013
EDMONTON, March 22, 2013 /PRNewswire/ - Activist investors fulfill an
important role when sleepy Boards tolerate suboptimal performance. That is
not the case with Agrium. It has done well for its shareholders, both
absolutely and relative to peers. Its vertically integrated business model
promises to deliver favourable, long- term returns. Keeping wholesale and
retail agricultural operations together offers economies of scale, a lower
cost of capital, better access to markets, and shared market intelligence, at
a time when global food demand is rising.
AIMCo considers the incumbent Agrium director roster to be robust in terms of
composition, experience, and independence. The new Agrium director nominees
offer superior agricultural market knowledge.
We struggle with a governance model where Jana Partner's dissident nominees
are compensated in a different manner than other directors. This has negative
effects on the board: lack of independence, fragmentation, and reduced
efficacy. Jana's plan is misaligned with the interests of long-term
About Alberta Investment Management Corporation (AIMCo)
AIMCo is one of Canada's largest and most diversified institutional investment
managers. AIMCo was established on January 1, 2008 with a mandate to provide
superior long-term investment results for its clients. AIMCo operates
independently from the Government of Alberta and invests globally on behalf of
28 pension, endowment and government funds in the Province of Alberta,
including the Alberta Heritage Savings Trust Fund. For more information about
AIMCo, visit www.aimco.alberta.ca.
SOURCE Alberta Investment Management Corp.
Manager, Corporate Communication
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