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5/1/2024
In a letter sent today to shareholders, Norfolk Southern Corp. outlined what company leadership describes as the organization's recent progress in the long-term plan to drive shareholder value.
The letter was sent as NS leaders prepared for the annual meeting to be held May 9, during which shareholders will vote for board candidates. For the past several months, NS has been locked in a proxy battle with Ancora Holdings Group LLC, a major shareholder that is challenging the current board and executive leadership.
Among the points made in the May 1 letter to shareholders, the company says its "balanced strategy" has improved the rail network's performance and service; reduced its mainline accident rate; is closing the margin gap with peers when it comes to the operating ratio; has the right management team in place to deliver a "safer, more profitable railroad;" and offers board director candidates with the "superior skillsets" to provide independent oversight.
NS' letter to shareholders can be read here.
Yesterday, NS announced that Institutional Shareholder Services (ISS), an independent proxy advisory firm, has recommended shareholders support a majority of its director nominees, reflecting a clear endorsement of the company's management and strategy.
Meanwhile, Ancora yesterday announced in its own press release that ISS has recommended that shareholders vote for five of Ancora's seven director candidates. That release is available here.