PotashCorp offers non-binding “say on pay”

The world’s biggest fertilizer firm will offer its shareholders a non-binding “advisory vote” on the size of its executives’ pay packets.

Potash Corporation of Saskatchewan (PotashCorp) said it’s among the first Canadian companies to “voluntarily” adopt such an advisory vote, known in the industry as “say on pay,” starting at the firm’s annual meeting in 2010.

Meritas Mutual Funds has thus withdrawn its related shareholder proposal scheduled for consideration at PotashCorp’s 2009 annual meeting, the company said.

PotashCorp’s annual shareholders’ meeting is scheduled for May 7 in Saskatoon.

“Executive compensation is increasingly a top-of-mind issue and shareholders in many companies have recently expressed their support for ‘say on pay’ resolutions,” said Dallas Howe, chairman of the board for Saskatoon-based PotashCorp, in a release Monday.

“Given such sentiment, this is an appropriate and timely action for us to take.”

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