09:07 AM EDT, 05/03/2024 (MT Newswires) -- (Updates headline and article with original report from advisory firm)

Advisory firm Egan-Jones backed a slate of seven nominees endorsed by activist shareholder Ancora Holdings to the board of Norfolk Southern ( NSC ) railroad.

"We believe that voting FOR ALL the Ancora Nominees is in the best interest of the Company and its shareholders," Egan-Jones said in the report, which was shared with MT Newswires.

The consultancy cited management's leadership ability, its handling of the 2023 East Palestine, Ohio, disaster, and four other derailments this year among reasons for recommending the overhaul.

Egan-Jones said its director nominee slate "will provide a pathway for growth and competent railroad services and restore public trust at the same time."

Previously, Institutional Shareholder Services endorsed five of Ancora's seven nominees to the 13-member board, while Glass Lewis recommended that shareholders elect six of its seven candidates at the May 9 annual meeting

Norfolk Southern ( NSC ) did not immediately reply to MT Newswires' requests for comment.