{"id":8346,"date":"2021-03-26T20:35:10","date_gmt":"2021-03-26T20:35:10","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/03\/26\/as-canadian-pacific-railway-bulks-up-rival-canadian-national-takes-a-few-attention-grabbing-measures-of-its-own\/"},"modified":"2021-03-26T20:35:10","modified_gmt":"2021-03-26T20:35:10","slug":"as-canadian-pacific-railway-bulks-up-rival-canadian-national-takes-a-few-attention-grabbing-measures-of-its-own","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/03\/26\/as-canadian-pacific-railway-bulks-up-rival-canadian-national-takes-a-few-attention-grabbing-measures-of-its-own\/","title":{"rendered":"As Canadian Pacific Railway bulks up, rival Canadian National takes a few attention-grabbing measures of its own"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> Transportation <\/li>\n<li class=\"breadcrumbs__item\"> Rail <\/li>\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> Economy <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> Kevin Carmichael: CN is getting serious about ESG and it&#8217;s looking beyond just climate change <\/p>\n<div class=\"article-meta\">\n<div class=\"published-by\">\n<p>Author of the article:<\/p>\n<p> <span class=\"published-by__author\">Kevin Carmichael<\/span> <\/div>\n<div class=\"published-date\">\n<p>Publishing date:<\/p>\n<p> <span class=\"published-date__since\">Mar 26, 2021<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">37\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span> \u00a0\u2022\u00a0 <span>  <span class=\"comment-bubble\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"16px\" viewbox=\"0 0 24 24\" width=\"16px\"><path d=\"M4,0 C2.93914,0 1.921718,0.421428 1.171572,1.171572 C0.421428,1.921718 0,2.93914 0,4 L0,24 L3.846,20.158 L4,20.16 L20,20.16 C21.0608,20.16 22.0782,19.73858 22.8284,18.98842 C23.5786,18.23828 24,17.22086 24,16.16 L24,4 C24,2.93914 23.5786,1.921718 22.8284,1.171572 C22.0782,0.421428 21.0608,0 20,0 L4,0 Z M2,4 C2,3.46956 2.21072,2.96086 2.58578,2.58578 C2.96086,2.21072 3.46956,2 4,2 L20,2 C20.5304,2 21.0392,2.21072 21.4142,2.58578 C21.7892,2.96086 22,3.46956 22,4 L22,16.16 C22,16.69044 21.7892,17.19914 21.4142,17.57422 C21.0392,17.94928 20.5304,18.16 20,18.16 L4,18.16 L3.048,18.126 L2,19.174 L2,4 Z\"\/><\/svg><\/span> Join the conversation  <\/span> <\/div><\/div>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio featured-image-category__economy\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326cn.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326cn.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" type=\"image\/webp\"\/><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326cn.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326cn.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" type=\"image\/jpeg\"\/><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326cn.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326cn.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" type=\"image\/webp\"\/><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326cn.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326cn.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" type=\"image\/jpeg\"\/><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326cn.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326cn.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" type=\"image\/webp\"\/><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">CN has recognized that it\u2019s no longer sufficient for big companies to focus exclusively on maximizing profits.<\/span> <span class=\"credit\">Photo by Chris Helgren\/Reuters files<\/span> <\/figcaption><\/figure>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Canadian Pacific Railway Ltd.\u2019s plan to purchase Kansas City Southern will vie for business story of the year, but its long-time rival, Canadian National Railway Co., also has been doing some things that could help it down the road.<\/p>\n<p>The former Crown corporation has recognized that it\u2019s no longer sufficient for big companies to focus exclusively on maximizing profits. The public, including a growing number of investors, now demands more. So, while CP was bulking up, CN was getting serious about ESG, the emerging force in markets that demands a commitment to the environment, social concerns and enlightened governance in return for access to a pool of capital worth hundreds of billions of dollars.<\/p>\n<p data-async=\"\">A couple of days after CP announced the KCS takeover on March 21, CN revealed that it was on track to join its Calgary-based rival as one of only a handful of big Canadian corporations that has significantly diluted the influence of older white men in their board rooms.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-1\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">CN said it had nominated Denise Gray, president of South Korean lithium-ion battery maker LG Chem Ltd.\u2019s North American unit, to join a board that will be reduced to 11 directors from the current 14. Gray, who is Black, would ensure that Montreal-based CN will be overseen by a set of directors that more closely mirrors the larger population, one of the objectives of Bay Streeter Wes\u00a0Hall\u2019s BlackNorth Initiative, an effort inspired by the global backlash that followed the killing of George Floyd by a white police officer in Minneapolis, Minnesota, last year.<\/p>\n<p data-async=\"\">A minor reshuffling of directors will strike some as insignificant, and others as slavishly faddish. Another way to think about it: embarrassing. Only about 30 per cent of directors and 18 per cent of executives at S&amp;P\/TSX companies were women in 2019, according to Catalyst, an advocacy group. Visible minorities filled about six per cent of board seats, according to a review by Osler, Hoskin &amp; Harcourt, a law firm.<\/p>\n<p>Regardless, leadership diversity is fast becoming a tenant of modern governance. Scholarship shows that companies that are dominated by older white men have too many blindspots. They lose out on young talent that\u2019s adamant about working only for employers that reflect their values. They risk alienating customers, politicians and regulators.<\/p>\n<p>\u201cAt the heart of the CEO agenda, is the imperative to build and maintain trust,\u201d Nicolas Marcoux, head of consultancy PricewaterhouseCoopers Inc.\u2019s\u00a0Canadian unit, said at a virtual event sponsored by the Toronto branch of the Canadian Club on March 23. \u201cESG is no longer a nice-to-have. It\u2019s a must-have.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">To be sure, CN chief executive Jean-Jacques Ruest\u2019s senior management team remains entirely white and mostly male. (The roster of vice-presidents is less monochromic).<\/p>\n<p>But Ruest will be the only CN executive on the docket when shareholders vote at the company\u2019s virtual annual meeting on April 27. The independent nominees are an even split of men and women, the same as CP. However, CP\u2019s board is entirely white. That matters to investors who decide where to deploy their money based on ESG assessments. CN is betting that its rivalry with CP and American railroads such as CSX Corp. will be decided by more than shipping costs and arrival times in the future.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" media=\"(max-width: 767px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><img decoding=\"async\" alt=\"CN chief executive Jean-Jacques Ruest.\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=288,&#10;                https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0326ruest.jpg?quality=90&amp;strip=all&amp;w=576 2x\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> CN chief executive Jean-Jacques Ruest.<\/span> <span class=\"credit\">Photo by Christinne Muschi\/Bloomberg files<\/span> <\/figcaption><\/figure>\n<p data-async=\"\">\u201cOur longer-term goal is to be at the leading edge of ESG best\u00a0practices across North America and globally,\u201d Ruest and Robert Pace, the boar chair, said in a letter to shareholders ahead of next month\u2019s annual meeting.<\/p>\n<p data-async=\"\">Achieving that objective is going to take some more work. CN tends to say the right things, and often backs up its words with action: the company has cut the greenhouse gas emissions spewed by its locomotives by 40 per cent since 1993, earning high marks from at least one outfit that tracks companies\u2019 commitment to fighting climate change.<\/p>\n<p data-async=\"\">Still, it\u2019s unclear that CN has put much distance between itself and its competitors when it comes to ESG. Sustainalytics, a unit of Morningstar Inc. that does ESG research, says CN and CP are both \u201clow risk,\u201d so an ethical investor could buy either stock without violating her or his principles. The firm currently rates CP slightly higher \u2014 30th out of 335 transportation companies (1,611th out of a universe of 13,676 companies), while it ranks CN 34th (1,683rd overall).<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cWith respect to ESG, the whole world is moving that way,\u201d Pace, who has led CN\u2019s board since 2014, said in an interview earlier this month. \u201cThe trend is wide. It\u2019s deep. We just have to make sure our goals and aspirations are real and we can deliver.\u201d<\/p>\n<section aria-labelledby=\"moreTopicLabel5538430627727595221436537919389275\" class=\"more-topic\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The Canadian Pacific railyard is pictured in Port Coquitlam, B.C. The proposed merger of CP and Kansas City Southern is being touted as a 'stabilizing' deal for the sector.\" class=\"lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/CP-1.png?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/CP-1.png?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/CP-1.png?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/CP-1.png?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> CP Rail\u2019s purchase of U.S. rival is a bet on production moving out of China in COVID-19 aftermath <\/span><\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"A pedestrian walks past the Telus Harbour building in Toronto.\" class=\"lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/vw021telus.jpg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/vw021telus.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/vw021telus.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/vw021telus.jpg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> Telus sees itself as something greater than a telephone company. Is it? <\/span><\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" a=\"\" actions=\"\" alt=\"McCain CEO Max Koeune: \" and=\"\" at=\"\" big=\"\" class=\"lazyload\" clear=\"\" connection=\"\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/09\/apar2810567.jpg?h=96&amp;strip=all&amp;quality=80\" day=\"\" different=\"\" do=\"\" every=\"\" forwards=\"\" happens=\"\" height=\"96\" if=\"\" in=\"\" loading=\"lazy\" moving=\"\" needle=\"\" news=\"\" of=\"\" pace.=\"\" put=\"\" sense=\"\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/09\/apar2810567.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/09\/apar2810567.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/09\/apar2810567.jpg?h=288&amp;strip=all&amp;quality=80 3x\" story=\"\" the=\"\" there=\"\" together=\"\" urgency=\"\" very=\"\" we=\"\" what=\"\" width=\"96\" with=\"\" you=\"\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> For the McCain empire, built on potatoes, climate change is serious business <\/span><\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"\u201cShareholder capitalism\u201d is alive and well, much to the dismay of some, writes Kevin Carmichael. &#10;\" class=\"lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/12\/investing1209.jpg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/12\/investing1209.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/12\/investing1209.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/12\/investing1209.jpg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> Kevin Carmichael: On the question of CEWS and dividends, investors will ultimately decide <\/span><\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p data-async=\"\">Too often, companies\u2019 ESG initiatives emphasize what they are doing about the environment. Perhaps the most interesting part of CN\u2019s recent efforts is that its focus is wider than climate change. It said last month that the tenure of independent directors will be limited to 14 years and that they will be allowed to serve on a maximum of three public boards including CN.<\/p>\n<p>More importantly, the company also said that it would create an advisory council of Indigenous people, a recognition that CN tracks cross some 110 First Nations communities. Pace said the decision was partly inspired by the protests that disrupted rail traffic ahead of the pandemic, but that it also reflects an admission that Indigenous voices had been ignored for too long.<\/p>\n<p>\u201cThe whole country has taken a long time. We all have to do our part,\u201d Pace said. \u201cW<span class=\"s1\">e had to step here and make some changes. That\u2019s what we\u2019re going to do.\u201d<\/span><\/p>\n<p><em>Financial Post<\/em><\/p>\n<p data-async=\"\"><em>\u2022 Email: kcarmichael@postmedia.com | Twitter: <a class=\"\u201ctwitter-follow-button\" data-evt=\"click\" data-evt-typ=\"User Interaction Click\" data-evt-val=\"{\" control_fields=\"\" source=\"\" type=\"\" name=\"\" target=\"\" url=\"\" vertical=\"\" position=\"\" pixels=\"\" link=\"\" href=\"https:\/\/twitter.com\/carmichaelkevin\" rel=\"noopener nofollow\">carmichaelkevin<\/a><\/em><\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"scroll-depth\" data-evt-val=\"{\" control_fields=\"\" of=\"\" page=\"\" viewed=\"\" story=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"TheLogic8735177328419474498927011931370502\" class=\"feed-section feed-section--partner-story list-widget--partner-story the-logic\" data-async=\"\">\n<div class=\"widget-title widget-title--partner-story flex-align-center row row--no-padding--left row--no-padding--right\">\n<p> In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot2\">\n<section aria-labelledby=\"TopStoriesNewsletter9508503991784466004494064990669016\" class=\"newsletter-widget\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-widget__body\">\n<h2 id=\"TopStoriesNewsletter9508503991784466004494064990669016\">Top Stories Newsletter<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div aria-hidden=\"false\" class=\"newsletter-widget__bottom js-form-main\">  <small> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. 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Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<\/section>\n<\/footer>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/>As Canadian Pacific Railway bulks up, rival Canadian National takes a few attention-grabbing measures of its own<\/a><br \/>\n<br \/>2021-03-26 20:35:10<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Transportation Rail News Economy Kevin Carmichael: CN is getting serious about ESG and it&#8217;s looking beyond just climate change Author of the article: Kevin Carmichael Publishing date:&#8230;<\/p>\n","protected":false},"author":2,"featured_media":8347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-8346","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/8346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=8346"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/8346\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/8347"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=8346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=8346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=8346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}