If you get a call from your stockbroker suggesting you vote for Agrium Inc.’s board slate over the one put forward by dissident shareholder Jana, you might want to ask why. That’s because Agrium is quietly offering brokers 25 cents for every share voted in favour of the Agrium slate.
Agrium hired RBC Dominion Securities, which has the largest network of retail financial advisers in Canada, to manage the payout, according to a notice sent to brokers and dated March 13. The payout only applies to votes from retail clients. Brokers will be paid a minimum of $100 and a maximum of $1,500 for each client who votes for Agrium’s nominees.