Canadian National Annual Report 1998 Realizing the Vision 114 pages

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Canadian National Annual Report 1998 Realizing the Vision 114 pages
Canadian National 1998 Annual Report Realizing the Vision 114 pages
pages114
Contents
2 Chairman's message
3 The new CN
4 Financial and statistical five-year summary
5 Letter to shareholders
8 Extending our customers' reach
14 Focusing on our customers' success
20 Emphasizing performance at every level 26 CN at a glance
28 President's awards for excellence
29 Financial section
(U.S. GAAP)
69 Financial section (Canadian GAAP)
105 The CN Pension Plan and the
CN 1935 Pension Plan
113 Board of Directors
114 Officers of the Company
115 Shareholder and investor information
Nineteen ninety-eight was a landmark year for Canadian National. Our company continued to meet challenge with bold action, announcing in February the planned merger with Illinois Central Corporation (IC). This joining of two great railroads will create a new carrier on the North American landscape, giving shippers more options in the increasingly competitive transborder economy.
The CN-IC merger agreement is not the sole accomplishment of note for the year. CN performed well in 1998, despite the impact of economic difficulties in Asia, posting significant progress in focusing on its customers and finding more efficient ways to run the railroad. On behalf of the Board of Directors, I commend CN management's strength and vision in tackling the challenges we faced during the year. The Board is very proud of CN's thousands of employees whose commitment and hard work contributed equally to our success.
I'd also like to congratulate Paul Tellier on his selection as Canada's Outstanding CEO of the Year in 1998 by a board of Canadian business leaders. This is more than a testament to Mr. Tellier's leadership and vision-it's an honor for the entire company.
CN's Board took on an added North American dimension in 1998 when Gilbert H. Lamphere and Alexander P. Lynch became directors. Mr. Lamphere is the former chairman of the board of Illinois Central Corporation. Mr. Lynch, a former director of IC, is a general partner of The Beacon Group, a private investment and financial advisory firm in New York City. Both bring valuable perspective to the Board with their considerable U.S. rail expertise.
On behalf of the Board of Directors, I wish to convey thanks to our shareholders for their continued support. We are more confident than ever in our ability to deliver longterm shareholder value, whatever challenges the future brings. Indeed, we are well on our way to building a railroad that will excel in the new century.
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