(The Associated Press circulated the following article on September 27.)
NORFOLK, Va. — Norfolk Southern Corp., which operates a freight railroad system, said Wednesday its board amended the company’s corporate governance guidelines to include majority voting for election of directors in an uncontested election.
Under the changes, directors who receive more ‘withhold’ than ‘for’ votes will resign, and the board’s governance and nominating committee will consider whether to accept the resignation. The full board will then act on the matter, and the company will explain its decision in a filing with the Securities and Exchange Commission.