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  "documentTitle": "Agrium (AGU)",
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  "authorName": "Barry Rosenstein",
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      "text": "The magnitude and growth of Agrium's corporate overhead illustrates several key shortcomings and raises questions regarding board oversight",
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      "text": "Cost Management: The board has failed to check growth in overhead. Agrium touted 14% growth as positive vs EBITDA (32%) and assets (23%), but EBITDA growth was driven by M&A/commodity prices, not corporate efficiency.",
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      "text": "Conglomerate Structure: Corporate structure results in overhead cost 'tax'. Costs should be allocated to segments to instill P&L accountability.",
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      "text": "Agrium has experienced significant, unchecked levels of growth in unallocated corporate overhead (excl. stock comp). 14% annual growth in corporate costs. $40mm of Landmark-related costs buried in 2011. Significant direct G&A growth.",
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      "text": "Controls: Inclusion of one-time Landmark related costs in corporate – without clearly disclosing this to investors – obfuscates performance.",
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