Ancora's board nominees won the Norfolk Southern proxy fight

The advisory firm said it favored Ancora's plan to replace the company's current CEO Alan Shaw with former UPS executive Jim Barber and elect seven of its candidates to the railroad's 13-member board. The east-coast railroad has come under pressure following the derailment of one of its trains in East Palestine, Ohio, last year.

Ancora Holdings scored a second victory in its battle with Norfolk Southern when prominent proxy advisory firm Institutional Shareholder Services (ISS) recommended on Tuesday that shareholders elect five of the activist hedge fund's director candidates. ISS said the Atlanta-based railway, which has faced regulatory and legal questions after a derailment last year in Ohio, needs new directors with deeper and more balanced industry experience. The ISS recommendation, which often guides how shareholders vote on hot-button issues such as board elections and mergers, was made one day after Glass Lewis, another proxy advisory firm, backed six of Ancora's candidates.