They basked in the afterglow of what president Paul Tellier called the best two years in CN’s history.
And they shone under the banks of spotlights carted in by the professional production company hired to put on the show.
Shareholders of CN were treated to a polished accounting of how well the railway treats its customers when they gathered here last week for the railway’s third annual meeting.
It was quite unlike another meeting in the province the same day, when retired Supreme Court judge Willard Estey met with a small group of farmers who are unhappy with the service provided by railways.
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CN’s meeting was at the downtown Winnipeg Convention Centre, where Tellier evoked the spirit of the “visionaries” who, in 1894, met in the city to create the Canadian Northern Railway.
He said he believes its founders would be proud of their legacy.
The railway was known as “the farmers’ friend,” said Tellier. By 1918, it had become part of Canadian National.
The 242 shareholders at the meeting learned the railway is on track toward its goal of being the best in North America.
Revenue was up almost nine percent to $4.4 billion in 1997, thanks to a strong economy and bumper grain crop.
Labor was more productive and traffic on rail lines was denser. The company has more operating income, more net income and more earnings per share.
CN has “by far, the strongest balance sheet in the industry,” said chief financial officer Michael Sabia.
Young, attractive interpreters provided simultaneous translation into American sign language.
Shareholders who rose to speak from scripts were, for the most part, carefully chosen for an almost ideal mix of age, sex and ethnic background.
Pat on the back
A film raved about the service CN provides its customers, including compliments from Saskatchewan Wheat Pool’s Scott Jordison on how he can count on CN to supply the company with rail cars when and where they’re needed.
After focusing on cutting costs, the railway is now looking forward to “disciplined growth,” said Sabia, to ensure CN rail traffic earns profit for its shareholders.
He said the railway will grow as Canada’s economy continues to strengthen, luring traffic from highways and competitors, and increasing market share in the key sectors of petrochemicals, forest products and intermodal traffic.
Company officials explained CN’s new acquisitions and agreements for north-south rail traffic into the United States will be key to growth.
After U.S. regulators clear the recently announced deals, CN will be able to ship cargo from Winnipeg straight through to Mexico City.
North-south trade is growing by 11 percent per year, said Tellier, adding that the railway won’t neglect its commitments to customers whose cargo travels east and west.
