FW: Proxy adviser on Norfolk Southern: overhaul board but keep CEO Shaw

FREIGHTWAVES reports:

Norfolk Southern’s management has taken a second hit this week from an independent proxy advisory firm as the Class 1 railroad fends off activist investor Ancora Holdings, but the latest report, while mostly critical of NS, recommends that CEO Alan Shaw keep his job.

Whereas proxy adviser Glass Lewis recommended that shareholders not vote in favor of Shaw to remain as a Norfolk Southern (NYSE: NSC) director — in essence, a vote to oust him because the CEO would be expected to also serve as director — ISS’ recommendation is that shareholders vote to keep Shaw on the board at the company’s annual meeting May 9 (though voting is already underway).

At the same time, ISS recommends that five of the proposed directors put up by Ancora be elected to the board to steer the company in a different direction…

The full post can be read here.