Monday, 30 May 2016
Last updated 2 days ago
Dec 20 2007 | 7:34am ET
It’s not just a war of words anymore. Activist hedge fund The Children’s Investment Fund yesterday unveiled its slate of director nominees for CSX Corp., signaling that it plans to wage a proxy battle against the railroad giant.
Among the nominees proffered by TCI and fellow hedge fund 3G Capital Partners is TCI founder Christopher Hohn.
TCI has been agitating for corporate governance reform and improved financial performance at CSX.
Following the announcement by TCI, the Jacksonville, Florida-based railroad company defended itself, saying that it had not underperformed its peers and that its board has actually helped the company nearly triple its stock price.
"This group of directors has driven the company's successes, including nearly tripling the stock price in the past three years, and provided shareholders a return better than the rest of the North American rail industry and 89% of all S&P companies,” said the statement.
"The board also believes the company's outstanding record of financial, safety and operational improvements demonstrates unequivocally that CSX is a well run company."