(The Associated Press circulated the following on June 16.)
NEW YORK — Advisory firm Proxy Governance on Monday recommended shareholders of freight railroad CSX Corp. support two out of five board contenders nominated by a group of dissident shareholders.
The firm said that while it does believe the current board has delivered strong results, it said it sees a benefit in adding more directors with railroad operating experience, as pushed for by activist hedge fund shareholders TCI and 3G Capital.
It recommended shareholders elect 3G Managing Director Alexandre Behring and Gilbert Lamphere, managing director of private investment firm Lamphere Capital Management and a former director at Canadian National Railway Co.
The other three TCI nominees are TCI Founder Chris Hohn, London Underground Managing Director Timothy O’Toole and Gary Wilson, a former chairman at Northwest Airlines Corp.
CSX shares fell 25 cents in afternoon trading to $65.17.