Proxy Adviser Stalwarts Divided Over Agrium's Control

Law360, New York (March 27, 2013, 2:22 PM EDT) -- Top proxy adviser Institutional Shareholder Services Inc. said Wednesday it supported activist hedge fund Jana Partners LLC's plan to shake up leadership at Canadian fertilizer company Agrium Inc., leveling the field after a well-known rival firm on Tuesday endorsed the existing management team.

The ISS backing gives a significant boost to Jana's hotly contested plan to appoint a slate of five new directors to Agrium's 11-member board. It also pits the adviser against another proxy heavyweight, Glass Lewis & Co., which has said it fully supports...
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