Activist investor Ancora Holdings is trying to put seven directors on the Norfolk Southern (NS) board, claiming that NS has significantly and consistently underperformed its peers. Ancora has been joined by three unions and GlassLewis, a proxy advisory firm that tells significant funds how to vote in board elections. It looks like the market may be working.

 

 

The stock price of Norfolk Southern over the last five years is up ~20%

 

The stock price of Canadian Pacific Kansas City Southern over the last five years is up ~80%