STB Advances CN-KCS Voting Trust Review June 09, 2021 STB Advances CN-KCS Voting Trust Review Written by Marybeth Luczak, Executive Editor The Surface Transportation Board (STB) has directed proposed merger partners CN and Kansas City Southern (KCS) to submit by June 14 certain financial documents, which will inform public comments on their voting trust agreement. In its June 8 filing setting the voting trust review schedule (download below), STB said comments are due June 28, and the deadline for CN and KCS to respond is July 6. A final STB decision could come by mid-July, at the earliest. The STB noted that its request for CN-KCS financial documents—debt commitment letters plus company disclosure schedules and capital allocation policies, among others—is part of a “more cautious approach to proposed voting trusts” following the adoption of new major merger rules in 2001.