Exclusive-Pension fund Caisse weighs protest vote over lack of francophone directors at CN Rail-source -Breaking
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© Reuters. FILE PHOTO : After Teamsters Canada and Canadian National Railway Co. had failed to settle contract disputes, trains can be seen at the CN Rail Brampton Intermodal Terminal. The incident occurred in Brampton (Ontario, Canada) on November 19, 2019. REUTERS/Mark BlinSimon Jessop, Allison Lampert
MONTREAL/LONDON – Canada’s second largest pension fund may withhold support from Canadian National Railway (TSX:) Co directors during an upcoming annual meeting, a source said. The decision will be made over French-speaking representation in the company’s board.
Caisse de depot et placement du Quebec has begun to weigh protest votes after denouncing an earlier April move of Canada’s largest railway operator. It would have removed its board from any native French-speaking directors.
Caisse Montreal, which is CN’s tenth largest shareholder, refused to reveal its voting intentions before the May 20 annual general assembly.
CN refused to comment. As the discussion is confidential, the source has declined to comment.
After concerns over the language were raised in April, CN’s board announced that it would appoint a Quebec-based francophone director to take his place as former premier Jean Charest.
Caisse also mentioned privately board representation to TCI Fund Management Ltd, a shareholder that owns slightly more than 5% according to Eikon Data. TCI declined to comment.
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