8-K/ALeadership ChangesShareholder Matters

NORFOLK SOUTHERN CORP 8-K/A Report, Executive Changes (May 18, 2011)

Filed May 18, 2011For Securities:NSC

Summary

Norfolk Southern Corporation (NSC) filed an amendment to its previous Form 8-K on May 18, 2011, to correct information regarding its Annual Meeting of Shareholders held on May 12, 2011. The primary purpose of the amendment was to clarify that the elected Directors would serve a one-year term. This filing also provides the voting results for the election of directors, the ratification of KPMG LLP as the independent registered public accounting firm, and advisory votes on executive compensation and the frequency of such votes. Key takeaways for investors include the overwhelming support for the re-elected directors and the ratification of the auditor. The advisory vote on executive compensation also showed strong shareholder approval. Notably, shareholders indicated a preference for annual advisory votes on executive compensation, which the Board has accepted. The retirement of two long-serving directors, Landon Hilliard and Gene R. Carter, due to age policy is also noted.

Key Highlights

  • 1Amendment corrects director term to one year following the May 12, 2011 Annual Meeting of Shareholders.
  • 2Two directors, Landon Hilliard and Gene R. Carter, retired from the Board due to the company's age policy.
  • 3Gerald L. Baliles, Erskine B. Bowles, Karen N. Horn, and J. Paul Reason were elected to the Board of Directors for one-year terms with strong shareholder support.
  • 4Shareholders overwhelmingly ratified the appointment of KPMG LLP as the independent registered public accounting firm for 2011.
  • 5An advisory vote on the compensation of Named Executive Officers received significant shareholder approval.
  • 6Shareholders voted in favor of holding an annual advisory vote on executive compensation, a preference that the Board has agreed to implement.

Frequently Asked Questions

The primary reason for filing this amendment was to correct a misstatement in the original Form 8-K regarding the term of the Directors elected at the Annual Meeting of Shareholders. The amendment clarifies that the elected directors will serve a one-year term.

Landon Hilliard and Gene R. Carter retired from the Norfolk Southern Board of Directors on May 12, 2011, in accordance with the company's Corporate Governance Guidelines which mandate retirement at age 72.

The filing shows strong shareholder support for the re-election of directors. For example, Gerald L. Baliles received over 243 million 'FOR' votes, with minimal 'AGAINST' votes, indicating broad shareholder confidence.

Yes, shareholders approved, on an advisory basis, the compensation of the Company's Named Executive Officers with a significant majority of votes in favor. Shareholders also indicated a preference for annual advisory votes on executive compensation, which the Board has decided to adopt.