EDMONTON, March 22, 2013 /CNW/ - 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 shareholders.
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.
For further information:
Manager, Corporate Communication