financetom
Business
financetom
/
Business
/
US labor union backs Norfolk in proxy battle with Ancora
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US labor union backs Norfolk in proxy battle with Ancora
Apr 16, 2024 3:18 PM

(Reuters) - A top federation of U.S. labor unions has urged Norfolk Southern ( NSC ) shareholders to vote against Ancora's director candidates, arguing the hedge fund's plans for the railroad would compromise safety and improvements being considered.

"Ancora's proposed strategy for Norfolk Southern ( NSC ) is "not fit for purpose" and the election of Ancora's proposed directors will derail the safety and service improvements that are currently underway at Norfolk Southern ( NSC )," the American Federation of Labor and Congress of Industrial Organizations said in a letter.

Ancora, in February, proposed the replacement of Norfolk Southern's ( NSC ) top management, including its CEO, and nominated eight directors to the railroad operator's board in response to the company's negligence leading to a 2023 train derailment in East Palestine, Ohio.

Norfolk Southern ( NSC ) has offered to add two new directors to its board and rejected all eight of Ancora's candidates, saying none would bring fresh skills or experience.

"We believe that a change in leadership at Norfolk Southern ( NSC ) would be highly disruptive to our operations, our workers, and the North American supply chain," a Norfolk Southern ( NSC ) spokesman said in an emailed statement on Tuesday.

Meanwhile, Ancora criticized the move and said it did not expect much impact as "major institutional shareholders continue to support us."

Shareholders are scheduled to vote on the proposals at the annual meeting on May 9.

(Reporting by Aatreyee Dasgupta in Bengaluru and Svea Herbst-Bayliss in New York; Editing by Sriraj Kalluvila)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Copyright 2023-2026 - www.financetom.com All Rights Reserved