Wednesday, 26 November 2014
Last updated 5 hours 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
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...