CN Sets Special Shareholder Meeting for March

An activist investor has succeeded in getting Canadian National to call a special meeting of stockholders to consider management changes.

The meeting has been set for March 22, 2022, by mutual agreement of CN, CIFF Capital and TCI Fund Management.

News reports from Canada indicate that a date six months from now was agreed upon because the Canadian Business Corporation Act requires that a corporation can hold a shareholder meeting on a date no longer than six months after the end of the preceding fiscal year.

Railway Age reported on its website that it learned that TCI had sought an earlier meeting and has threatened litigation over the issue.

However, that litigation would likely have played out over a six-month or longer period of time and forced all parties to incur significant legal costs.

TCI has proposed replacing CN CEO J.J. Ruest, Chairman Robert Pace and five members of the board of directors.

The hedge fund and CN management have been sparing in public over CN’s financial performance.

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