Latest News by Industry
CHENNAI, India--(BUSINESS WIRE)--Nov 25, 2024--
Tractors and Farm Equipment Limited (together with certain of its affiliates, “TAFE” or “we”), is the largest shareholder of AGCO Corporation (NYSE: AGCO) (“AGCO” or the “Company”) with a 16.3% long-term strategic ownership interest in the Company. Today, TAFE announced that it has submitted a 14a-8 shareholder proposal for inclusion in the Company’s proxy statement for its 2025 Annual Meeting of Shareholders to request that the Company adopt a policy requiring that AGCO’s Chair of the Board of Directors (the “Board”) be an independent director.
TAFE believes separating the roles of Chair and CEO, both of which are currently held by Eric Hansotia, will enhance the Board’s oversight and increase accountability within the leadership structure. At AGCO, the combined Chair and CEO position has failed to serve the best interests of shareholders and has led to suboptimal strategic and capital allocation decisions and underperformance, as evidenced by the following:
An independent Chair would help ensure the Board provides robust oversight and strategic guidance, enabling AGCO to respond effectively to competitive pressures, capitalize on strategic opportunities and better navigate future market cycles.
About TAFE
TAFE - Tractors and Farm Equipment Limited, is an Indian tractor major incorporated in 1960 at Chennai, India. One of the largest tractor manufacturers in the world and the second largest in India, TAFE sells over 180,000 tractors annually.
TAFE has earned the trust of customers with its range of high-quality products, low cost of operation and a strong distribution network of over 1600+ dealers. TAFE exports tractors to over 80 countries, powering farms in Asia, Africa, Europe, the Americas, and Russia.
Besides tractors, TAFE and its subsidiaries have diverse business interests in areas such as farm-machinery, diesel engines and gensets, agro-industrial engines, engineering plastics, gears and transmission components, hydraulic pumps and cylinders, vehicle franchises and plantations.
TAFE is committed to Total Quality Management (TQM). In the recent past, various manufacturing plants of TAFE have garnered numerous ‘TPM Excellence’ awards from the Japan Institute of Plant Maintenance (JIPM), as well as a number of other regional awards for TPM excellence. TAFE's tractor plants are certified under international standards ISO 9001 for efficient quality management systems and under ISO 14001 for environment-friendly operations. In 2013, TAFE was presented the coveted ‘Agriculture Leadership Award' by Agriculture Today Magazine and the ‘Corporate Citizen of the Year Award’ by Public Relations Council of India (PRCI). TAFE was also named the ‘Best Employer in India 2013’ by Aon Hewitt and has the distinction of receiving commendation for ‘Significant Achievement on the Journey Towards Business Excellence’ by the CII-EXIM Bank - Business Excellence Award jury in 2012.
1 Company SEC filings. |
View source version on businesswire.com:https://www.businesswire.com/news/home/20241125157747/en/
CONTACT: Longacre Square Partners
Greg Marose / Charlotte Kiaie, (646) 386-0091
TAFE@longacresquare.com
KEYWORD: INDIA ASIA PACIFIC
INDUSTRY KEYWORD: TRANSPORT MANUFACTURING AGRICULTURE NATURAL RESOURCES MACHINERY OTHER TRANSPORT
SOURCE: Tractors and Farm Equipment Limited
Copyright Business Wire 2024.
PUB: 11/25/2024 06:00 AM/DISC: 11/25/2024 06:01 AM
http://www.businesswire.com/news/home/20241125157747/en