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PotashCorp Reporting Judged Best in Canada

PotashCorp Reporting Judged Best in Canada

Published 01-19-05

Submitted by PotashCorp

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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    PotashCorp

    PotashCorp

    PotashCorp 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, third largest in phosphate and fourth largest in nitrogen; animal nutrition, with the world's largest capacity in phosphate feed ingredients; and industrial chemicals, as the largest global producer of industrial nitrogen products and one of only three North American suppliers of industrial phosphates.

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