In a significant development in corporate governance, Ancora Holdings has gained substantial support in its attempt to overhaul the board of Norfolk Southern, a major U.S. railroad operator. Proxy advisory firms Glass Lewis and Institutional Shareholder Services (ISS) have recommended that shareholders vote for several of Ancora's nominees for the board. Specifically, Glass Lewis endorsed six of Ancora's proposed eight nominees, while ISS supported five. This backing comes as Norfolk Southern approaches a crucial shareholder vote, intensifying the proxy battle. The recommendations follow Norfolk Southern's management issues highlighted by the East Palestine derailment, with CEO Alan Shaw being a focal point of the discussions.
Proxy-advisory firm ISS steps into Norfolk Southern’s board battle with activist Ancora - my story for @MarketWatch #NorfolkSouthern $NSC #Ancora https://t.co/b9CMG2drOo
An influential shareholder adviser said it is recommending five activist investor nominees to serve on Norfolk Southern's board, in a report that ratchets up the pressure on the railway company's leaders after last year's East Palestine derailment. https://t.co/WFzVvkfKU0
Norfolk Southern’s management has taken a second hit this week from an independent proxy advisory firm as it fends off activist investor Ancora Holdings, but the latest report, while mostly critical of NS, recommends that CEO Alan Shaw keep his job. https://t.co/OfwjOmh1Iw
Ancora scores win with ISS endorsement in Norfolk Southern proxy fight https://t.co/kviCFt8CSy https://t.co/IoIksklBXf
Proxy-advisory firm ISS steps into Norfolk Southern’s board battle with activist Ancora https://t.co/ZddGgQj6cG
⚠️ ANCORA SCORES WIN WITH ISS ENDORSEMENT IN NORFOLK SOUTHERN PROXY FIGHT Full Story → https://t.co/ReINKF97Gs Ancora Holdings scored a second victory in its battle with Norfolk Southern when prominent proxy advisory firm Institutional Shareholder Services (ISS) recommended… https://t.co/R3Z3h8rnwg
Norfolk Southern CEO Gets Proxy Giant ISS’s Backing in Ancora Fight https://t.co/nd29A69Ulx
The activist investors trying to take control of Norfolk Southern’s board are picking up key support. https://t.co/LKkiKZqWHD
Norfolk Southern’s chief executive officer won support from adviser Institutional Shareholder Services in the final days before a crucial shareholder vote https://t.co/GY3lf5f2s8
⚠️ GLASS LEWIS RECOMMENDS INVESTORS VOTE AGAINST THREE BOEING DIRECTORS Full Story → https://t.co/q56Tky2T7E Proxy advisory firm Glass Lewis on Tuesday recommended shareholders vote against the election of three directors - Dave Calhoun, Akhil Johri and David Joyce - to… https://t.co/ieqz9Y3y4Q
ISS endorses most of activist Ancora's nominees for Norfolk Southern board https://t.co/POP18EKyd5
Investors trying to take control of Norfolk Southern railroad pick up key support https://t.co/SyXCJ0XtfF
As the proxy battle between @nscorp and activist investor Ancora intensifies, @Morganlbrennan sits down exclusively with $NSC's CEO Alan Shaw on news that proxy advisory firm Glass Lewis recommended investors in the railway vote for 6 out of 7 of the nominees for Ancora's board. https://t.co/rqU6SlXmEz
Activist investors trying to take control of Norfolk Southern pick up key support https://t.co/7GYLcZeTYK
War of words over Norfolk Southern board battle intensifies as railroad slams activist Ancora’s labor negotiation #NorfolkSouthern $NS #Ancora https://t.co/4OePmKjulG
ISS, Glass Lewis recommend shareholders vote against BlackRock CEO's pay proposal https://t.co/Wk5d6DfUU8 https://t.co/aabUXS9uyJ
Norfolk Southern leaders were dealt a heavy blow in their proxy fight with activist investor Ancora Holdings on Monday after proxy advisory firm Glass Lewis endorsed six of Ancora’s eight proposed board nominees https://t.co/FwIIwLbpe5 https://t.co/FwIIwLbpe5
War of words over Norfolk Southern’s board battle intensifies as railroad slams activist Ancora’s labor negotiation https://t.co/wlcehRazLe
With the proxy battle at Norfolk Southern headed to a climax, management and the board of directors have taken a major hit to their survival efforts following the recommendation of Glass Lewis to back the proxy battle undertaken by Ancora Holdings. https://t.co/4uI8Xd5bhW
Neither Norfolk Southern's existing management nor activist Ancora show any inclination to kick the rail industry’s cash-heavy, no-growth habit, @tomwblack says https://t.co/QAfH247bN6
⚠️ MORGAN STANLEY SHAREHOLDERS URGED TO VOTE AGAINST PAY PROPOSAL BY PROXY ADVISER Full Story → https://t.co/IvNuWV0F9B Morgan Stanley shareholders should vote against its proposal for executive pay at the bank's annual meeting on May 23, according to a recommendation by… https://t.co/TlCKNvmZaC
ISS recommends shareholders vote against BlackRock CEO's pay proposal https://t.co/NMQSVZ0TCM https://t.co/hKdELDnGJu
⚠️ ISS RECOMMENDS SHAREHOLDERS VOTE AGAINST BLACKROCK CEO'S PAY PROPOSAL Full Story → https://t.co/mCB5wNibSy Proxy advisory firm ISS on Monday recommended that shareholders vote against proposal to ratify BlackRock CEO Larry Fink's 2023 compensation. https://t.co/SARvmo5zju
Ancora scores in Norfolk Southern proxy fight with Glass Lewis recommendation https://t.co/yJIXbglC5U https://t.co/tJkBlN1Mmb
Proxy Advisor Glass Lewis backs 6 activist nominees for Norfolk Southern’s board, recommends shareholders vote to replace current CEO https://t.co/WgbOhGgMjy via @WSJ
Glass Lewis Backs 6 Activist Nominees for Norfolk Southern’s Board https://t.co/hs0PWU4X0o
The activist investor battling to replace Norfolk Southern’s leadership won the backing of Glass Lewis, raising pressure on the railroad before a crucial shareholder vote https://t.co/SemdkMK2Uw via @RickClough @business #HedgeFunds #ActivistInvestor
Glass Lewis backs six of Ancora's nominees for Norfolk Southern board https://t.co/zcKWHoL9r2 https://t.co/4ZhiIFfE7x
⚠️ GLASS LEWIS BACKS SIX OF ANCORA'S NOMINEES FOR NORFOLK SOUTHERN BOARD Full Story → https://t.co/EXYe98NJqD Proxy adviser Glass Lewis recommended Norfolk Southern shareholders vote for six of Ancora Holdings' nominees for board seats at the railroad company, including… https://t.co/hTotLL3hk5
The activist investor battling to replace Norfolk Southern’s leadership won the backing of Glass Lewis, raising pressure on the railroad before a crucial shareholder vote https://t.co/1F6sOktbpy
Glass Lewis endorses 6 of activist Ancora's nominees for Norfolk Southern board https://t.co/6cw74iA3dh
Cleveland-Cliffs, a major customer of Norfolk Southern, has backed activist investor Ancora Holdings in its effort to overhaul the board of the railway company https://t.co/7xtVXpfCmz
Activist Ancora endorsed by second Norfolk Southern union in proxy contest https://t.co/kU9T3B7xHh
Activist investors have targeted few industries as much as North American railroads, and now they're coming for Norfolk Southern https://t.co/oc9muBoGx4 via @blsuth @kielporter @business #HedgeFunds #ActivistInvestor