For the first time in 14 years, CSX Corp. will hold its annual shareholders meeting in Jacksonville.
The meeting will be Friday, May 18, at the Prime Osborn Convention Center, according to CSX’s proxy statement filed with the Securities and Exchange Commission on Thursday.
Jacksonville-based CSX, which operates its railway throughout the eastern U.S., has a history of moving its annual meeting around to different locations on its network map. Last year’s meeting was in Richmond, Virginia.
The company last met in Jacksonville in 2004 at the Times-Union Center for the Performing Arts.
Last year’s meeting was closely watched because shareholders were asked to vote on an $84 million payment for new CEO Hunter Harrison, to compensate him for money he forfeited when he left his previous position at Canadian Pacific Railway Ltd. to pursue the CSX job.
Shareholders overwhelmingly approved the payment for Harrison, who died in December after nine months on the job.
The agenda for this year’s annual meeting is unlikely to create any controversy.
Shareholders will be asked to vote on a nonbinding advisory resolution to approve compensation packages for CSX’s top executives.
As previously reported, James Foote, who succeeded Harrison as CEO, is receiving an annual base salary of $1.2 million with potential to earn an incentive bonus equal to 125 percent of his base salary, or $1.5 million.
That’s below Harrison’s contract which gave him a base salary of $2.2 million plus a target bonus opportunity to earn another $2.8 million. The $84 million payment was not part of his annual compensation package.
CSX shareholders will also vote on 13 nominees to the board of directors, all of whom are already serving on the company’s board.