CN said it has entered into a Resolution Agreement with CIFF Capital and TCI.
Earlier today, CN announced several changes to its Board including committing to appoint two new independent Directors to the Board by no later than CN’s 2022 Annual General Meeting (AGM).
The appointments of the two future independent directors to the Board have been mutually agreed between CN and TCI in the Resolution Agreement. As part of that Resolution Agreement, TCI has agreed to withdraw its requisition for a Special Meeting of Shareholders, which was previously scheduled to be held on March 22, and to support the election of all CN Director nominees at the 2022 and 2023 AGMs.
If either of the two new independent directors are unable to serve on the Board, CN and TCI have agreed, on a mutual agreement basis, to identify up to two alternate independent Directors with North American railroad experience prior to the 2022 AGM.