| Title: | CSX Corp. (M&A Insight Note) |
| Price: | $100.00 |
| Publication Date: | Feb 19, 2008 |
| Company: | CSX Corp. |
| Report Type: | M&A Insight Note |
| Brief Excerpt: | ...On Feb. ##, CSX Corp. (CSX) issued a pre ss release in which the railroad company defended an amendment to its bylaws that ha d been disclosed in an #-K on Feb. #. The new bylaw amendment will allow ##% of CSX shar eholders to call a special meeting. At first glance, the bylaw would appear to be a positive for shareholders and responsive to CSX shareholders, who had supported a shareholder proposal calling for such a change by a significant ##% vote at last year s annual meeting. A cl oser reading, however, casts doubt on the bylaw s impact. The CSX bylaw is part of an emerging trend. According to RiskMetrics data, shareholder proposals seeking the right to call a special meeting received an average support of ##% during the #### proxy season. Co mpanies where such proposal s received the support of a majority of shareholders included H oneywell (##%), AT&T (##.#%), Colgate Palmolive (##%), Time Warner (##%), Ci tigroup (##.#%), EDS (##%) and CSX (##%) itself. Although... |
| Word Count: | 2036 |
| Length: | 4 Pages |
| Ticker: | CSX |
| Related Report(s): | - CSX Corp. (Corporate Governance Quotient (CGQ)): $250.00
...The board is controlled by a supermajority of independent outsiders (independent outsiders greater than ##%) The nominating committee is comprised solely of independent outside directors The compensation committee is comprised solely of independent outside directors The company has a committee that oversees governance issues and the committee met in the past year The full board of directors is elected annually There are between nine and ## directors serving on the board The CEO serves on the boards of two or fewer other companies No former CEO of the company serves on the board Chairman and CEO are combined, but there is a counterbalancing governance structure in place. The company has governance guidelines that have been publicly disclosed on company website The performance of the board is reviewed regularly Outside directors meet without the CEO present and the number of meetings of the outside directors is specified A board approved CEO succession plan...
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