AIMCo Responds to Viterra's Unsatisfactory Board Renewal Announcement

EDMONTON, AB, Nov. 1, 2011 /CNW/ - Alberta Investment Management Corp. ("AIMCo") announces today that it will not accept the vague plans for board renewal announced by Viterra Inc. ("Viterra" or the "Company") on October 28, 2011.  AIMCo does not believe that the current Viterra directors are prepared to effect meaningful changes to the composition of the board. We believe that strong leadership is necessary to maintain and improve the quality of our investment. We believe that the process announced by Viterra will result in further entrenchment of an unresponsive and unaligned board that may limit the Company's long-term potential.

AIMCo, on behalf of its client funds, holds over 17 per cent of Viterra's shares. AIMCo has been Viterra's single largest shareholder since 2009. We have been dissatisfied with Viterra's performance and have identified several governance changes that we believe are critical to Viterra's long-term success.  Among these concerns, AIMCo does not believe that the current Viterra board has the required skills or experience to meet the Company's leadership needs as a growing international agribusiness.

AIMCo has expressed its concerns to the Company, its Board of Directors, and its Chairman consistently and repeatedly over the last eighteen months.  AIMCo's concerns with the current Viterra board are heightened by its lack of responsiveness to AIMCo's reasonable concerns. The Viterra board continues to insist that it must deal with these important governance issues behind closed doors, thereby limiting meaningful shareholder consultation. Furthermore, the board insists that the renewal process be managed by the same directors who have been consistently unresponsive to legitimate shareholder concerns.

The board's refusal to engage in meaningful discussions with AIMCo led us to advise the board several weeks ago that we would requisition a shareholder meeting to make changes to the board if Viterra did not take action on board renewal.  At the same time, AIMCo endeavored to continue to constructively work with the board for the benefit of all stakeholders.  In response, Viterra issued its October 28 press release announcing the date of its next annual shareholder meeting. This release introduces yet more processes that, in AIMCo's view, will delay substantive change and continue to deny shareholders any meaningful input.  Viterra issued this press release without advising AIMCo. Additionally, the Company has still not indicated any intention to take AIMCo's governance views into account beyond simply inviting input.

AIMCo believes that Viterra and its board need a strong message from shareholders that further platitudes about seeking shareholder input and closed door processes are not satisfactory.  The only acceptable course of action would be for Viterra to work collaboratively with AIMCo in a meaningful way to identify appropriate directors for nomination at the upcoming meeting of shareholders. AIMCo is a proven long-term investor that strongly believes in the benefits of corporate governance and has a solid reputation as a trusted partner that works with companies to build successful businesses. AIMCo remains committed to Viterra's long-term success.

About 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 26 pension, endowment and government funds in the Province of Alberta, including the Alberta Heritage Savings Trust Fund. For more information about AIMCo, visit

SOURCE Alberta Investment Management Corporation (AIMCO)

For further information:

Media contact:
Shauna MacDonald
Brookline Public Relations, Inc.
P: 403-538-5645
C: 403-585-4570

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Alberta Investment Management Corporation (AIMCO)

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