NEW YORK, May 22 (Reuters) - Institutional Shareholder Services (ISS) has recommended that owners of CSX Corp. CSX.O stock vote in favor of an $84 million payment related to the appointment of new CEO Hunter Harrison.
The recommendation is a boon for activist hedge fund Mantle Ridge, which is trying to convince shareholders to agree to the payment. Mantle Ridge fronted the $84 million payment to extract Harrison early from his previous employer, fellow rail company Canadian Pacific Railway CP.TO . Harrison has said he will resign from CSX if shareholders fail to approve the reimbursement.