NSC - Norfolk Southern corrects false and misleading claims | Benzinga
Company remains committed to enhancing safety and aligning management with shareholders' interests
ATLANTA, March 4, 2024 /PRNewswire/ -- Norfolk Southern Corporation (NYSE:NSC) is focused on executing its strategy, competing on operational excellence by balancing safe, reliable, resilient service with continuous productivity improvement and smart, sustainable growth. With recent mischaracterizations of the facts, it is necessary for Norfolk Southern to correct the record. The company issued the following statement Monday, highlighting its safety achievements and the board's efforts to align management with shareholders' interests:
Misrepresenting our safety record
It is unfortunate that a serious situation is being used to mislead stakeholders and to advance a proxy fight narrative. On March 2, Norfolk Southern quickly responded to a derailment in Lower Saucon Township, PA. The derailment resulted in no harm to the community and no hazardous material concerns from the railcars. We take this incident seriously and work hard to avoid all accidents. The National Transportation Safety Board is investigating this incident, and we will work closely with them to understand how it happened and prevent others like it.
Norfolk Southern is leading the industry when it comes to safety. As a result of our robust safety initiatives, Norfolk Southern achieved a 42% reduction in our mainline accident rate year-over-year in 2023. Today, the company's mainline accident rate is the lowest it has been in years and is among the best of the North American Class I rails. We are actively building on these achievements and helping the industry become even safer.
We are committed to building on our safety track record and setting the gold standard for rail safety. We know there is no single solution when it comes to safety. Last year, we initiated a six-point safety plan and made necessary investments to accelerate enhancements to our safety culture and operational transformation. This included installing cutting-edge digital train inspection portals, implementing enhanced employee training, and being the first Class I railroad to join the Federal Railroad Administration's Confidential Close Call reporting system. We are incorporating feedback from our labor leaders and partnering on new safety initiatives. We also hired Atkins Nuclear Secured as an independent safety consultant. With significant project management and Nuclear Navy experience, they have conducted a comprehensive safety assessment, and we are implementing changes based on their recommendations.
Distorting the facts on management compensation
Similarly, the facts about the compensation of Norfolk Southern's management team have been distorted. The Norfolk Southern Board took clear ...