Niels Pörksen
AGCO CORP /DEAbout Niels Pörksen
Independent director at AGCO since October 2021; age 61. Chairman and Chief Executive Officer of Südzucker AG since 2020, with prior senior roles at Nufarm, Nordzucker, Industrieverband Agrar (Chair), and BASF across strategy, product development, and global marketing. Brings deep agriculture/commodity domain expertise, operational leadership, and European market perspective; designated independent under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Südzucker AG (SZU: Xetra) | Chairman & CEO | 2020–present | Operates one of the world’s largest sugar producers; executive leadership and industry exposure |
| Nufarm | Group Executive, Portfolio Solutions | Not disclosed | Agricultural chemicals; portfolio strategy |
| Nordzucker | Executive Board member | Not disclosed | Sugar industry operating leadership |
| Industrieverband Agrar | Chairman of the Board | Not disclosed | European ag industry policy/advocacy |
| BASF | Various leadership roles (Divisional Head Global Strategic Marketing; MD Plant Protection; Head of Product Development, Consulting & Registration) | Not disclosed | Global strategy, product development, regulatory |
External Roles
| Organization | Role | Public/Private | Since | Notes |
|---|---|---|---|---|
| Südzucker AG | Chairman & CEO | Public (Germany) | 2020 | Executive role; no AGCO related-party tie disclosed in proxy independence determination |
Board Governance
- Independence: Board determined all directors independent except the CEO (Hansotia) and Ms. Srinivasan; Pörksen is independent .
- Committee assignments (2024 activity; 2025 composition reset post-AGM): Finance Committee (member) and Governance Committee (member); no chair roles .
- Committee meeting cadence in 2024: Finance (4), Governance (6) .
- Board attendance: In 2024 the Board met 5 times; each director attended at least 75% of Board and committee meetings on which they served. Of five meetings, four in-person, one virtual .
- Annual meeting attendance: Policy expects director attendance; all incumbent directors attended the April 2024 Annual Meeting .
- Executive sessions: Non-management directors meet in executive session at each regular Board meeting; Lead Director presides .
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Annual cash retainer | $120,000 | $135,000 | Board increased base director cash retainer in 2024 |
| Committee chair retainers (if applicable) | Audit Chair $25,000; T&C Chair $20,000; Governance Chair $15,000 (2023 levels) | Audit Chair $25,000; T&C Chair $20,000; Governance Chair $17,500; other committee chairs $15,000 | Pörksen not a chair |
| 3+ committee service retainer | $6,000 (if on ≥3 committees; excludes Executive) | $6,000 (if on ≥3 committees; excludes Executive) | Pörksen served on two committees |
| Pörksen total cash “Fees Earned” | $120,000 | $135,000 | Individual line items in director comp tables |
Performance Compensation
| Grant | Grant date | Type | Shares/Units | Grant-date fair value | Vesting/Restrictions |
|---|---|---|---|---|---|
| Annual director equity (standard program) | Apr 27, 2023 | Restricted stock | 1,341 shares per director | $165,000 per director | Non-transferable for 1 year; immediate on departure |
| Annual director equity (standard program) | Apr 25, 2024 | Restricted stock | 1,572 shares per director | $185,000 per director | Non-transferable for 1 year; immediate on departure |
| Pörksen stock awards (reported) | 2023 | Restricted stock | Included above | $165,000 | Per plan |
| Pörksen stock awards (reported) | 2024 | Restricted stock | Included above | $185,000 | Per plan |
| Shares held from 2024 grant after tax withholding (as of 12/31/2024) | N/A | Restricted stock | 1,289 shares (Pörksen) | N/A | Per plan |
Notes:
- Director equity is not performance-based; awards are time/transfer-restricted for one year post-grant .
- No director consulting arrangements disclosed .
Other Directorships & Interlocks
- Other public company directorships: None disclosed for Pörksen; he serves as Chairman & CEO of Südzucker (public, Germany) in an executive capacity .
- Compensation Committee interlocks: Company discloses no interlocks; none of AGCO’s executive officers serve on boards where any AGCO director is an executive officer .
Expertise & Qualifications
- Senior executive across ag chemicals and commodities (>20 years), with operational expertise spanning engineering, quality, manufacturing, sales, marketing, and product management; significant international exposure, especially Europe/Middle East .
- Board’s skills matrix highlights agriculture, international, manufacturing, risk/regulatory, governance, and sustainability as relevant areas for nominees; Pörksen’s profile aligns with these competencies .
Equity Ownership
| Metric | Value | As-of | Notes |
|---|---|---|---|
| Total beneficial ownership (Pörksen) | 3,395 shares | Mar 7, 2025 | Includes 1,289 restricted shares from 2024 grant |
| Ownership as % of outstanding | <1% | Mar 7, 2025 | Based on 74,582,029 shares outstanding |
| Stock ownership guidelines (directors) | 5× annual cash retainer | Current policy | Applies to non-employee directors |
| Compliance status (directors, aggregate) | All directors and officers met applicable requirements as of Dec 31, 2023 | Dec 31, 2023 | Policy counts time-based RSUs as owned; hedging/pledging excluded from ownership count |
| Hedging/pledging | Prohibited by policy (with narrow exception definition for controlled entities) | Current policy | Strengthened since 2020 |
Governance Assessment
- Committee roles and independence: Pörksen serves on Finance and Governance Committees; independent under NYSE and AGCO categorical standards. All members of Governance Committee are independent; Board affirms no material relationships for independent directors beyond board service and shareholding .
- Attendance and engagement: Board met five times in 2024 and each director attended ≥75%; policy requires Annual Meeting attendance and all incumbent directors attended April 2024 meeting .
- Director election support: 2025 Annual Meeting support for Pörksen was 59,797,076 For, 9,243,657 Against, 55,350 Abstain (with 2,127,536 broker non-votes), materially higher “Against” votes than 2024 (63,074,110 For, 963,802 Against, 49,813 Abstain) — a signal for investor-relations engagement on governance and workload/overboarding policies for sitting CEOs on outside boards .
- Director pay structure and alignment: Mix is balanced between cash ($135,000 in 2024) and equity ($185,000 restricted stock), with a one-year transfer restriction; guidelines require 5× retainer in stock; no hedging/pledging allowed. Pörksen’s total 2024 director comp was $320,000 (cash $135,000; stock $185,000) vs. $285,000 in 2023 (cash $120,000; stock $165,000) .
- Related-party exposure/conflicts: Board independence determination states independent directors (including Pörksen) have no material relationship with AGCO beyond director/stockholder status. Historical TAFE-related governance entanglements resolved in 2025 via settlements, buyback of AGCO’s TAFE stake, and a Cooperation Agreement with standstill/voting provisions; Ms. Srinivasan (TAFE) did not stand for reelection in 2025, reducing perceived conflicts on the Board .
- Say-on-pay sentiment: Advisory say-on-pay passed in 2024 (59,648,749 For; 3,715,554 Against; 723,422 Abstain) and 2025 (61,237,460 For; 6,687,040 Against; 1,171,583 Abstain), indicating continued majority support but with rising opposition that warrants ongoing outreach .