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Corporate Social Responsibility
News
1.19.2005 ET
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PotashCorp Reporting Judged Best in Canada
Canadian Accounting Group Praises Company's Transparent Reporting Practices
(CSRwire) SASKATOON, SASKATCHEWAN - Potash Corporation of Saskatchewan Inc.
(PotashCorp) is the top corporate reporter in Canada due to its excellence
in financial reporting, electronic disclosure and the burgeoning area of
sustainability reporting, according to the nation's leading association of
accountants.
In December, PotashCorp edged out 112 other companies traded on the
Toronto Stock Exchange (TSX) for the 2004 Award of Excellence for
Corporate Reporting, which is awarded by the Canadian Institute of
Chartered Accountants (CICA).
The company, the world's largest integrated producer of nitrogen,
phosphate and potassium fertilizers, was named Canada's best corporate
reporter after CICA's panel of judges reviewed PotashCorp's annual report,
sustainability report, website and corporate governance materials.
"It is part of our culture that we will share information," said
PotashCorp's Chief Financial Officer, Wayne Brownlee. "And we ensure that
we remain accessible and accountable to our stakeholders.
"While talk about transparency is easy in good times," Brownlee continued,
"we are especially proud to earn recognition for our corporate reporting in
2003. The fertilizer industry endured the sixth year of a down cycle and
our company had the lowest financial returns in our history. We tackled
that head on in our reporting. Now, with market conditions in better shape
than we've seen in years, both our company and our shareholders are being
rewarded."
It was excellence in several categories that won PotashCorp the top award.
In addition to the overall award of excellence, PotashCorp took home other
CICA awards of excellence in the following categories:
Award of Excellence for Corporate Reporting in the Mining sector
Award of Excellence for Electronic Disclosure
Award of Excellence for Sustainability Reporting
Honourable Mention for Annual Report.
PotashCorp began producing separate sustainability reports to document its
economic impact, social involvement and record of progress in safety,
health and the environment in 2003. It was the first publicly traded
fertilizer company in North America to do so.
In its corporate reporting, PotashCorp, which is also traded on the New
York Stock Exchange, considers the best practices and follows the
recommendations of Canadian and US accounting standard setters and
regulatory authorities. Company officials view their reporting practices
to be a key part of their long-term business strategy.
"Our goals are to maximize the benefits of what we do and to minimize any
risks associated with our company," said Betty-Ann Heggie, Senior Vice
President, Corporate Relations at PotashCorp. "By sharing information
with our stakeholders, we are able to reduce uncertainty while
establishing credibility. As a result, we have stakeholders who understand
what we are trying to accomplish and are willing to help us move forward on
our strategies."
The 2004 CICA award follows PotashCorp's recognition by the Rotman School
of Management at the University of Toronto, which deemed it to have the
best corporate governance practices among more than 1,300 companies on the
TSX in 2003.
To view or download PotashCorp's annual reports, sustainability report and
more, visit: http://www.potashcorp.com/investor_relations/investor_briefcase/.
For more information on the Canadian Institute of Chartered Accountants,
visit: http://www.cica.ca.
Potash Corporation of Saskatchewan Inc. is the world's largest fertilizer
enterprise producing the three primary plant nutrients and a leading
supplier to three distinct market categories: agriculture, with the
largest capacity in the world in potash and third largest in phosphate and
nitrogen; animal nutrition, with the world's largest capacity in phosphate
feed ingredients; and industrial chemicals, as among the largest global
producers of industrial nitrogen and industrial phosphate products.
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