Rail News Home Canadian National Railway - CN 10/4/2021 Rail News: Canadian National Railway - CN
CN today announced that it has scheduled a special meeting of shareholders in response to a requisition by CIFF Capital and TCI (collectively TCI).The meeting is scheduled for March 22, 2022. TCI and CN have mutually agreed to the date of the special meeting.
CN remains committed to executing its ambitious, long-term, sustainable growth strategy, and is grateful for early expressions of support for this plan that it has received from valued shareholders, customers, partners and other key stakeholders., CN officials said in a press release.In making the meeting announcement, the company reiterated its message that it has “best-in-class corporate governance and a strong shareholder engagement program as it continues to focus on operational excellence, a customer-first culture, innovation and ESG leadership.”Over the past year, CN changes to governance included the addition of three new independent directors and achieving gender parity among independent directors ahead of plan. At the company’s most recent annual general meeting, all directors received greater than 95% of votes in favor, and CN’s say-on-pay resolution passed with 97.7% support.TCI’s motives for its requisition are dubious, CN officials said. To read the company’s complete statement, click here.
Railroad News
Oct
04
Oct
01
The American Railway Engineering and Maintenance-of-Way Association (AREMA) recently named CN the winner of the 2021 Dr. William W. Hay Award for Excellence for the New McComb Bonnet Carre Spillway Bridge project in Louisiana.
The award honors the memory of William Walter Hay, a longtime AREMA contributor and professor of railway civil engineering at the University of Illinois Urbana-Champaign. Each year, the association bestows the award to projects that best illustrate safety, innovation and service performance reliability.
Oct
01
CN today responded to what it describes as “numerous misleading claims and inconsistencies” in recent disclosures by CIFF Capital and TCI Fund Management (collectively TCI), a major shareholder of CN.
In a press release, CN officials said TCI has a “glaring conflict of interest” as the largest shareholder of Canadian Pacific, which is CN’s direct competitor. CN highlighted what it says are TCI’s “erroneous” claims, including:
• false or misleading characterizations of CN’s performance;
• inaccurate description of financial risks associated with CN’s bid for Kansas City Southern and refusal to acknowledge that CN walked away with an incremental $700 million amongst other strategic benefits;
• failure to provide a credible or differentiated plan; and
• failure to acknowledge concerns over the fact that TCI is the largest shareholder of CN’s principal competitor.
Sep
30
Rail News Home Canadian National Railway - CN 9/30/2021 Rail News: Canadian National Railway - CN
The new plan outlines the challenges the Class I faces operating in Canadian winters. Photo – cn.ca
The new plan outlines the challenges the Class I faces operating in Canadian winters. Photo – cn.ca
CN has published its 2021-2022 winter plan to explain how its employees and equipment will be prepared to reduce the impact of harsh weather conditions for customers, while ensuring the safety and effectiveness of its operations.
The plan, which is required by provisions of the Canada Transportation Act, was developed in consultation and collaboration with customers and stakeholders, CN officials said in the press release.