Major Proxy Service Backs TCI, 3G Reps For CSX Board

Jun 20 2008 | 2:00am ET

Just days after being rebuffed by a pair of proxy services, the activist hedge funds backing a dissident board slate for CSX Corp. won a big endorsement from another.

ISS Governance Services recommended that shareholder of the U.S. railroad giant vote for four of the five nominees proffered by The Children’s Investment Fund and 3G Capital Partners. The proxy service called the hedge funds’ platform more “detailed and nuanced” than any activist bid it has seen.

ISS cited CSX’s “lagging operational performance and the troubling corporate governance implications of CSX’s aggressive proxy fight defense.”

Among the four director candidates backed by ISS are TCI chief Christopher Hohn—who was essentially accused of perjury by the judge weighing the two sides’ dueling lawsuits—and 3G’s Alexandre Behring. Hohn was snubbed by two other proxy services—Proxy Governance and Egan-Jones Proxy Service—while Proxy Governance back Behring.

RELATED STORIES

Hedge Funds Fail To Win Proxy Service Backing In CSX Fight
CSX Loses Bid To Block Hedge Fund Votes
Hedge Fund TPG Axon Backs TCI, 3G In CSX Battle
SEC Backs TCI On CSX
Hedge Funds Deny Secret Scheming Over CSX
CSX Chief Feels ‘Targeted’ By TCI
TCI Countersues CSX, Alleging Insider Dealing
Railroad Co. Fires Back At Hedge Funds With Lawsuit


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...