Viterra’s Largest Investor Rejects ‘Vague’ Plans for Board
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Viterra Inc.’s largest shareholder rejected the Canadian grain handler’s “vague” plans for the election of its directors and said management isn’t prepared to make meaningful changes to the board.
“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,” Alberta Investment Management Corp. said today in a statement. The Edmonton, Alberta-based fund, known as AIMCo, “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.”