CN and TCI reach agreement ending special-meeting requisition

Canadian National Railway announced a resolution agreement with CIFF Capital and TCI. Under the arrangement, the parties agreed on two additional independent directors to be appointed before CN’s 2022 annual general meeting. TCI withdrew its requisition for a special shareholder meeting that had been scheduled for March 2022 and agreed to support CN’s director nominees at its 2022 and 2023 annual meetings. The agreement also provided a process for identifying alternate independent directors with North American railway experience if the agreed candidates could not serve. The settlement concerned governance and shareholder engagement; it did not establish a takeover of CN or an investment in Kansas City Southern.