This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

JANA Comments On Agrium's ISS Complaints: "More Of The Same"

ISS Recommends that Agrium Shareholders Vote the BLUE Proxy

Further Information Available at

NEW YORK, NY, March 27, 2013 /PRNewswire/ - JANA Partners LLC today released the following statement in response to attacks by Agrium Inc. ("Agrium") (TSX / NYSE: AGU) on leading proxy advisory services firm Institutional Shareholder Services ("ISS"), which today stated that JANA had made a "compelling" case for change at Agrium and which strongly endorsed JANA nominees Barry Rosenstein and David Bullock for election to Agrium's board of directors.

"This is more of the same from Agrium's board, attacking anyone who dares to challenge them, making unfounded assertions, and claiming to speak for shareholders when they don't like what they are hearing from them.  The truth, while not to Agrium's liking, is still quite clear:

  • The fact is that Agrium called out the cavalry last week to pressure the proxy advisory firms and found only 3% of the shares willing to speak up for them, including a shareholder who had already voiced support for them seven months ago.  That is less than half of the shares we own, much less anything close to a decisive percentage.
  • Their claims about the opinions of the Canadian corporate governance community are equally unfounded, as they cite the same three governance commentators from weeks ago, two of whom are still consultants for corporate boards and one of whom is still wrong on the facts.  We have spoken to several Canadian governance experts in recent days to better understand Agrium's claims, and it is highly clear that the company is seeking to use recommended guidelines which have no applicability to this situation as a battering ram to try to win a proxy contest.  Good governance demands better.
  • Two of the other three proxy advisory services they attempt to throw into the mix have negligible, if any, influence in this situation.  Agrium also lists a number of arguments they claim ISS failed to consider, when, in fact, ISS considered those arguments and simply disagreed with Agrium's conclusions.  We also note that despite Agrium's attack on ISS today, just a few years ago Agrium praised ISS when the independent advisory firm issued a favorable recommendation for Agrium in its hostile pursuit of CF Industries.

"Agrium can stop claiming to speak for shareholders, who are more than capable of speaking for themselves and will have their voices heard on April 9 th.  We are hopeful that they will follow the recommendations of North America's leading proxy advisory firm, which noted the entrenched and insular reaction of Agrium's board to new ideas and outside voices in making their recommendation for our highly qualified and independent nominees.  Agrium's continued attacks on anyone who airs a different view only serve to reinforce that point.  We look forward to putting new directors in place that will work towards value creation for all shareholders."



Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs