Agrium Inc. reports that Glass, Lewis & Co. LLC has recommended that its clients vote for all 12 of Agrium’s director nominees in the upcoming April 9 shareholder meeting. Glass Lewis is a leading independent international corporate governance analysis and proxy voting firm that focuses on the long-term financial impact of investment and proxy vote decisions.
Agrium notes that two other firms – Pensions Investment Research Consultants (PIRC), a UK-based proxy advisory firm, and Egan-Jones – also support Agrium.
Another group, however, throws a bone to Jana Partners LLC, Agrium’s largest shareholder, which is trying to put five nominees on the board. ISS recommends that shareholders put two of Jana’s five nominees on the board—Jana Managing Partner Barry Rosenstein and David Bullock, former UAP executive. ISS argues that Jana has made a compelling case for change. The two members could continue to make this on the board, but would have to be persuasive as they would not have enough power to cause a break up the company by themselves.