Overview of the Shareholder Meeting#
On Thursday, Canadian National Railway (CN) held its annual shareholder meeting via an online webcast. During this meeting, all 11 director nominees proposed by management were successfully elected to the board.
Election Results#
The election results revealed differing levels of support among shareholders for the nominees. David Freeman received the highest approval rate at 99.68%, while Jo-ann dePass Olsovsky had the lowest approval at 94.22%. The complete list of elected directors includes: - Shauneen Bruder - Jo-ann dePass Olsovsky - David Freeman - Denise Gray - Justin M. Howell - Susan C. Jones - Robert Knight - Michel Letellier - Al Monaco - Madeleine Paquin - Tracy Robinson
Board Leadership#
Following the elections, the board of directors re-elected Shauneen Bruder as board chair. Bruder is a corporate director and has previously served as the Executive Vice-President of Operations at the Royal Bank of Canada.
Company Performance and Future Outlook#
CN, which operates a rail network of nearly 20,000 miles across North America, has a market capitalization of $68 billion. The company has a strong track record, having raised its dividend for 30 consecutive years, currently yielding 2.4%. Recently, CN reported its first-quarter 2026 earnings, achieving an adjusted earnings per share of CAD 1.80, which met analysts' expectations. However, the stock saw a decline due to concerns over operational expenses.
Additionally, CN is reviewing the amended merger application of Union Pacific and Norfolk Southern, raising concerns about potential competitive harms. Analyst activity has also been notable, with Evercore ISI and RBC Capital adjusting their price targets for CN shares, reflecting a cautious outlook amidst operational challenges.