Conrail board proposals

Norfolk Southern Corp has nominated five directors to serve on the board of Conrail and says it will seek to remove all but three members of the existing board. It also proposes reducing the size of the Conrail board to eight from 13 and will seek to elect all directors annually.

The move follows Norfolk Southern's purchase of 9.9 per cent of Conrail shares. Conrail has rejected a US$10.3 billion takeover offer from Norfolk Southern in favour of a proposed $9.4 billion merger with CSX Corp.