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.

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