UPDATE: ISS Recommends Two JANA Nominees for Election to Agrium Board, But Glass Lewis Sides With Agrium

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JANA Partners LLC today announced that proxy advisory services firm Institutional Shareholder Services ( ISS ) has issued a report that JANA Partners has made a "compelling" case for change and strongly endorsing JANA nominees Barry Rosenstein and David Bullock for election to the board of directors of Agrium Inc. (AGU.TO) at the upcoming AGM on April, 9th, 2013.

This comes after influential advisory firm Glass Lewis earlier today advised its clients to back all 12 of Agrium's board nominees over those nominated by dissident investor Jana Partners. Smaller firms like U.S.-based Egan-Jones and UK-based Pensions Investment Research Consultants had previously backed Agrium.

Jana excerpt the ISS report in a press release:

"As insistent as the company has been that 'Jana's goal has always been a break up,' the only real proposals Jana has made to shareholders are to (1) add directors with appropriately deep understanding of the distribution business to help improve its performance and contribution to long-term value and (2) take a balanced look, leveraging their experience in distribution businesses, at whether there is in fact real value likely to be unlocked in a spin off. If after doing the second of these things they conclude it would be wise, they still have no power to break up the company, unless they can persuade the rest of the board, through reasoned discussion, of why that path would deliver sustainably higher value."



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This article appears in: Investing , Commodities

Referenced Stocks: ISS

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