Proxy battle shaping up at CP

   A proxy battle for control of Canadian Pacific Railway took a step forward Tuesday as the investment firm Pershing Square Capital Management nominated a slate of five directors to the railroad’s board in advance of CP’s annual meeting of shareholders on May 17.
   The nominees are Pershing Square Chief Executive Officer Bill Ackman, Gary F. Colter, Paul C. Hilal, Rebecca MacDonald and Anthony R. Melman.
   Ackman, whose firm owns 14 percent of CP, wants to install Hunter Harrison as CEO of CP, replacing Fred Green.
   Harrison was formerly the CEO of CP’s rival, Canadian National Railway, and his old employer has complained that his pursuing the job at CP violates a non-compete agreement, a charge Ackman said was frivolous.
   The Wall Street Journal reported Monday that CN had suspended Harrison’s pension benefits and was seeking court approval to cancel them.
   CP said Tuesday it intends to nominate its own slate of five directors to the 15-member board, saying it has a multi-year plan which is “underway and already producing results.”