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

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Videos

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.