PotashCorp to adopt advisory vote on exec. comp.

Saskatoon-PotashCorp said March 23 that it will introduce a non-binding advisory shareholder vote related to executive compensation at its annual meeting in 2010. PotashCorp said it is among the first Canadian companies to voluntarily adopt the advisory vote, commonly referred to as “say on pay.” PotashCorp said after monitoring recent developments and trends, its board of directors has opted to hold such a vote in 2010. In view of this commitment, Meritas Mutual Funds has withdrawn its shareholder proposal scheduled for consideration at PotashCorp’s 2009 annual meeting. “Listening to stakeholders is one of our company’s core values,” said Dallas Howe, chair of PotashCorp’s board. “Executive compensation is increasingly a top-of-mind issue and shareholders in many companies have recently expressed their support for ‘say on pay’ resolutions. Given such sentiment, this is an appropriate and timely action for us to take.”