11:40 AM EDT, 04/30/2024 (MT Newswires) -- Norfolk Southern ( NSC ) activist shareholder Ancora Holdings on Tuesday won the endorsement from proxy advisory firm Institutional Shareholder Services for five of its seven nominees to the 13-member Norfolk board.

ISS said it is also endorsing eight Norfolk management nominees and withholding support for James Barber, Ancora's pick for chief executive officer and one of its seven director nominees.

"Although it appears that the dissident's position has resonated with shareholders, and that many of those shareholders view this contest as an all-or-nothing affair, we find that questions about the management and direction of the company would be best answered by a reconfigured board with more extensive and balanced industry expertise and the benefit of access to all available information," ISS said.

Norfolk did not immediately reply to MT Newswires' request for comment.

Norfolk shares were more than 3% lower in recent trading.

Price: 232.47, Change: -8.97, Percent Change: -3.72