CSX Corp. has a habit of moving its annual shareholders meeting to different cities on a yearly basis but after meeting in Jacksonville in 2018, it did not choose a city this year.
Instead, the Jacksonville-based company will hold the annual meeting on the internet.
CSX filed its annual proxy statement Friday indicating it will hold a “virtual annual meeting” at 10 a.m. May 3.
“We are excited to introduce a virtual meeting format for this year’s Annual Meeting that we believe will facilitate expanded shareholder access and participation,” CEO James Foote said in a letter to shareholders accompanying the proxy statement.
In the question-and-answer portion of the proxy, the company said the board of directors “believes that a virtual meeting format will provide the opportunity for full and equal participation by all shareholders, from any location around the world, while substantially reducing the costs associated with hosting an in-person meeting.”
It said shareholders will be able to submit questions in advance to “ensure thoughtful responses from management and the Board” and also submit them in real time during the meeting.
“CSX has considered concerns raised by investor advisory groups and other shareholder rights advocates that virtual meetings may diminish stockholder voice or reduce accountability,” it said.
“Accordingly, we have designed our virtual meeting format to enhance, rather than constrain, shareholder access, participation and communication.”
The online meeting will not be accessible to the general public. Participants will need to submit a 16-digit control number that will be sent to shareholders.
CSX held its 2018 meeting in May at the Prime F. Osborn III Convention Center. It was the first time since 2004 that its annual meeting had been held in Jacksonville.