The management of CSX, one of the biggest railway operators in the US, was dealt a blow on Wednesday as a leading proxy advice firm recommended most of a dissident shareholder slate be elected to the group’s board.

CSX is under siege from two hedge funds: The Children’s Investment Fund of the UK and Brazil-based 3G, which together have taken an 8.7 per cent stake and are demanding five seats on the board and major changes at the company.