Norfolk Southern Corp. (NSC) said on Thursday that it would seek to declassify its board of directors, as an enhancement to the company's corporate governance practices.
Declassification would subject all Norfolk Southern directors to annual election, replacing the current structure in which three classes of directors are elected for staggered three-year terms.
To implement declassification, the board would seek shareholder approval to amend the company's articles of incorporation at the 2010 annual meeting of stockholders. If approved, declassification would begin at the 2011 annual meeting.
At that time, the board would nominate director candidates for one-year terms to fill vacancies as of that date. Directors elected to serve three-year terms prior to the amendment's approval, and directors elected at the 2010 annual meeting, will continue to serve until their terms expire. Beginning at the 2013 annual meeting, the entire Norfolk Southern board of directors will be elected annually.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.