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☆ ISS endorses most of activist Ancora's nominees for Norfolk Southern board
▼ + stars: | 2024-04-30 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Influential proxy advisory firm ISS recommended on Tuesday that Norfolk Southern shareholders support five of activist Ancora's seven board nominees, withholding an endorsement from CEO pick Jim Barber but describing him as a "credible director and CEO candidate nonetheless." Ancora is seeking to oust both current CEO Shaw and newly appointed COO John Orr. ISS recommends shareholders support Ancora nominees William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry and John Kasich. "As board chair, Amy Miles arguably bears the most responsibility for this state of affairs," ISS' report read. WATCH: CNBC's full interview with NSC CEO Shaw on activist campaign

Persons: Jim Barber, Glass Lewis, Alan Shaw's, Barber, Amy Miles, Ancora, Shaw, John Orr, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry, John Kasich, Orr, Sen, Heidi Heitkamp, Richard Anderson Organizations: Norfolk, ISS, CNBC, Vanguard, BlackRock, Norfolk Southern, Delta Locations: Norfolk Southern, East Palestine , Ohio, Norfolk

The new portals, equipped with high-speed cameras, will take hundreds of pictures of every passing locomotive and rail car. Unlike previous versions, these new inspection portals will be able to capture all sides of a train that passes through them with well-lit images. University of Delaware professor Allan Zarembski, who leads the Railroad Engineering and Safety Program there, said it's significant that Norfolk Southern is investing in so many of the portals. The Atlanta-based railroad didn't say how much it is investing in the technology it worked with Georgia Tech to develop. That crash put the spotlight on railroad safety nationwide and prompted calls for reforms.

Persons: carmen, Allan Zarembski, David Clarke, ” Clarke, “, Norfolk, We’re, John Fleps, Alan Shaw's Organizations: Norfolk Southern, Rail, University of Delaware, Railroad Engineering, Safety, CSX, University of Tennessee’s Center for Transportation Research, Georgia Tech Locations: OMAHA, Neb, Norfolk, Ohio, Leetonia , Ohio, East Palestine, Atlanta, Palestine

☆ Norfolk Southern reports $387 million charge for the first quarter after East Palestine derailment
▼ + stars: | 2023-04-26 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +2 min

General view of the site of the derailment of a train carrying hazardous waste, in East Palestine, Ohio, U.S., March 2, 2023. Norfolk Southern on Wednesday reported an initial $387 million charge associated with the company's East Palestine, Ohio, derailment in February, which spilled toxic chemicals into the environment. Norfolk Southern said income from railway operations for the quarter was $711 million, down 34% from the same period in 2022. Excluding the East Palestine derailment, income from railway operations was $1.1 billion, up 1% compared to the same period the year prior. Norfolk Southern did not announce estimates for further charges related to the East Palestine derailment.

☆ Senate GOP populists push Republican colleagues to back railway regulations, arguing 'their voters' are the most affected by disasters
▼ + stars: | 2023-03-22 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

Vance, Hawley, and Rubio are touting a bill to enact new regulations on the rail industry. They're trying out a new argument for their Republican colleagues: these are your voters. Josh Hawley of Missouri, and Marco Rubio of Florida, are touting the Railway Safety Act of 2023. "When derailments occur, it is predominantly Republican voters—their voters—who bear the brunt and who rush to put out the fires." "Look, I think if the vote were held today, we'd get 65 votes in the Senate," he told Insider.

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