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  "docSlug": "92348fc1e371",
  "documentTitle": "Canadian National Railway (CNI)",
  "authorId": "20_TCI_Fund",
  "authorName": "Sir Christopher Hohn",
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  "presentationDate": "2021-08-31 00:00:00",
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  "notes": "The slide uses a strong accusatory tone to frame the board and management as incompetent.",
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      "kind": "callout",
      "text": "The board must take responsibility for supporting this ill-advised misadventure",
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      "kind": "callout",
      "text": "The failed bid for Kansas City reflects poorly on the CN management and board",
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      "text": "The STB's 'new rules' had never been tested\nCommitting C$2bn without clarity on the rules was irresponsible\nParallel tracks clearly compete with each other and trying to argue otherwise was disingenuous",
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      "text": "A 'copy-cat' bid, essentially following CP, reflected a defensive motivation and lack of strategic thinking\nIt was clear from the beginning that the bid for KCS was a huge risk with a highly uncertain outcome\nIt was also an error to continue in the face of clear and visible opposition from the STB\nAppealing the STB ruling would expose the company to the risk of forced divestment and damaging remedies. It is not an appeal you want to win.\nContinuing with the bid would be a huge distraction for management who should focus instead on fixing the network.",
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