Viterra said it is committed to ensuring that its board is comprised of the very best directors it can identify with appropriate skill sets to meet the evolving needs of the company. As announced last week, the board has tasked its nominating and corporate governance committee to work with two internationally-recognized search firms to identify suitable candidates for the upcoming meeting and for replacements of two directors who have determined not to stand for re-election. As part of its mandate, the committee will continue to seek input from Viterra stakeholders, including AIMCo.
AIMCo said that the process announced by Viterra will result in “further entrenchment of an unresponsive and unaligned board that may limit the company’s long-term potential.” AIMCo said it does not believe that the current Viterra board has the required skills or expertise to meet the company’s leadership needs as a growing international agribusiness.
Viterra said at this time it will not respond to the statements made in AIMCo’s press release. Viterra said it has discussed with AIMCo views about board composition since AIMCo first raised the issues in February 2011.
It has invited AIMCo to re-engage in such dialogue in a construction manner as the committee continues its deliberations, Viterra said.
In addition to the search firms, the Viterra board of directors has retained Norton Rose OR LLP and Kingsdale Shareholder Services Inc. to advise it in connection with the ongoing board renewal process.
