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(Arpad Benedek/Arpad Benedek/iStockphoto)

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Agrium's proxy battle may hinge on outlier adviser

As the votes start to come in for who will sit in the boardroom at Agrium Inc. after a fractious and drawn out proxy battle, all signs point to the company beating back most of the challenge from shareholder Jana Partners. But there is a scenario in which Jana gets a foothold on the board.

In recent days, Agrium has gained the public support of some major shareholders, as well as proxy advisory firm Glass, Lewis & Co. All endorsed the incumbent board and questioned the Jana proposal to change how Agrium is run. That gives the company’s current board a strong base of support.