TCI Fund Management Ltd., which is seeking changes at Canadian National Railway Co., is accusing the railway of not disclosing the resignation of Julie Godin from CN’s board of directors in an appropriate and timely manner.
The British-based investment manager says CN did not immediately issue a news release about the resignation earlier this month.
CN says Godin’s resignation was posted on the System for Electronic Disclosure by Insiders and its own website in an appropriate and timely manner in accordance with relevant securities law.
The railway says Godin stepped down to to focus on her expanding role as co-chair of the board and executive vice-president, strategic planning and corporate development of CGI Inc. She had served on the CN board since 2017.
TCI was a vocal critic of CN’s attempted takeover of the Kansas City Southern railway and has asked for a special meeting of CN shareholders for the purpose of “refreshing” the railway’s board by adding four members that it has nominated. It has also proposed Jim Vena, former chief operating officer at CN, as a potential replacement to current CEO Jean-Jacques Ruest.
CN announced a new strategic plan earlier this month including a plan to reduce capital spending, increase operating income and boost efficiency.