Overactive

The Children’s Investment Fund fought hard - and dirty - to get on the board of CSX, the US railway group. Now the activist hedge fund has bailed out of much of its shareholding, and boss Chris Hohn won’t stand for re-election to the CSX board. Such outcomes boost those who criticise activists as short-term profit-seekers. Unfortunately, they also risk silencing legitimate shareholder concerns. TCI, famous for haranguing ABN Amro into selling itself to Royal Bank of Scotland, has had a bad run....