TCI Fund Management, the rail company’s largest shareholder, proposed replacing Jean-Jacques Ruest with former CN executive Jim Vena, a day after Kansas City Southern Railway terminated CN’s takeover agreement in favour of a bid from Canadian Pacific Railway (TCI is also CP’s largest shareholder). The investor also put forward four rail and logistics veterans to replace current board members. (The Logic)

Talking point: TCI founder Chris Hohn said CN “has been underperforming for too long” and “will continue to lag its peers under a board that lacks the right railroad experience and operational expertise.” Hohn plans to call a special meeting to bring in the new directors. He has had recent success swaying the rail company’s shareholders. This past spring, investors of both CN and CP voted in favour of environmental resolutions that Hohn had championed through his Say on Climate campaign. CN said in a statement that it hasn’t received a formal requisition on Hohn’s plan to unseat its CEO and four directors, and said once that is received, it “will review it and comment further in due course.”