Saturday, 29 August 2015
Last updated 1 day ago
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.
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
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…