Thank you for writing to us about your interest in CSX. We are not proposing that CSX triple its rates. We are advocating an improvement to the CSX board by adding five qualified nominees with extensive experience in the rail industry and a significant equity stake in the company. It’s our belief that this will lead to enhanced board deliberations on many issues facing the company, including the need for continued investment in the business.
Please feel free to call me t
How is it that most of the board members including Ms. Bailey can get on the CSX Board and not have any significant stake in the company personally?
This is the same at a a lot of major corporations were it seems that university proffesors and people from the non-frofit sector find themsleves on for profit corperations boards…It would stand to reason that the the top 11-15 shareholders would elect themselves to the board…None of the board members own more then 2-4% of the company. To make matters worse once they get in they award themselves massive amounts of stock options so they stay there. At NS the board members get 1 million dollers after there service to donate to there favorite charity…
I personaly beleive that Railroads have to act in the public intrest. The reason for this is that railroads operate at the pleasure of both Federal and State Goverments, The Charters for them to exist come from those goverments and so does the power of eminate domain and land grants. The origins for this is that from the very begining of the B&O(Stock Subscrpitions,UP (Land Grants),C&O(Former Virgina State Canal Company that turned into a railroad) and the basis of common carreir obligations.
If the railroads are run so badly the goverments can step in and take over as they have done exactly 3 times(maybe more) 1. USRA in WW1 when railroads after years of graft and defered maintaince almost cost us the war 2.Conrail/Amtrak from 1975-1995(bankrupt Penn Central that caused a chain reaction thought the whole US railroad system) 3.Boston and Maine(Guilford Holdings) Springfeild Mass-Palmer Mass-White River Juntion VT-Track and roadbed was so Bad that Amtrak used its eminate domain authrity to toss the B&M of its rails and force sale to New England Central------So seeing that you live in New York no doubt that you are many of your colleuges take Metro North or Amtrak to work and that CSX is resposible for all those tracks are you ready for that resposiblity not just to the shareholders but to
Good point about university professors being on boards. Sometimes its because this is where you can find well educated minorities and women which all boards seem to want to showcase these days. But my many years experience with academics leads me to believe that it also is quite common because academics as a general rule don’t “rock the boat” that much. Many of them are from the “lets all get along school” and the real powers that be in corporations sometimes seek to take advantage of this attitude. Finally, many of them are from Ivy League and similar elite schools where companies’ top management often are graduates, including MBA’s, of these schools.
Good points all. In addition to looking classy, let’s not forget that major universities are power centers in their own rights, seeking federal contracts, hosting big-time sports events. (The Internet didn’t just invent itself; you know, there was university practice and research into the mix.) It’s a way for people to cross paths and perhaps more appealing than recruiting Board members from charities or United Way or whatever. Possibly there would be pleasant trade-offs like being encouraged to recruit at job fairs. Last and probably least, but I’ll mention it anyway: at some point it’s nice to have someone you know who is a well-regarded Ph.D. but not a knee-jerk “tenured radical” as happens in the liberal arts among the professoriat (to me) surprisingly often.
No its much more sinsiter— It so happens that Universitys are one of the last places that have a WELL FUNDED PENSION (TIEE-CREF) and a WELL FOUNDED ENDOWMEND FUNDS that reek of old money… Dont Forget that Vanderbuilt(NYC) and Cornell (NYC) and Stanford (SP) are old railroad names.
It makes sence to go for money were the capital is…and to get repsresention for those intrests…However State Universitys and all there employees should have allegence to the state first not to a corperation
TIAA-CREF
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| Teachers Insurance and Annuity Association - College Retirement Equities Fund |
|---|
| Private |
| 1918 |
| New York, New York |
| Roger W. Ferguson, Jr., President & CEO |
| Financial Services |
| 7,500 |
| http://www.tiaa-cref.org/ |
TIAA-CREF (Teachers Insurance and Annuity Association - College Retirement Equities Fund) is one of the largest financial services companies in the United States, with $420 billion in assets under management as of March 31, 2008.
The c
TIEA-CREF owns a chunk of CSX
No surprise there, most pension funds hold sizable blocks of shares in a lot of different firms. They have also become more active as shareholders than in the past.
