CN has released a plan to boost its prospects during the new few years.Ottawa—CN says an attack on it by a shareholder group called TCI is based on numerous misleading and erroneous claims and inconsistencies topped off by the group also being the largest shareholder in Canadian Pacific Railway.TCI launched its attack on CN including a call for the removal of the president and some board members after the railway lost a takeover bid for the Kansas City Southern railway to CP.JJ Ruest, President and CEO, said CN walked away from the KCS deal with an incremental $700 million amongst other strategic benefits, and then launched a strategic plan to deliver immediate and long-term shareholder value, “while retaining our commitment to safety, customer service and the communities we serve.“This plan builds on the investments we have made in technology and capacity over the past three years to drive long-term sustainable growth in total revenues and operating margins,” he said.CN got strong backing from Charles Emond, CEO of the Caisse de Depot et Placement du Quebec, a major pension fund manager, who said CN's executives “actually did their homework” on the $30 billion offer for KCS. Criticism of the railroad's strategy by TCI isn't justified and the Caisse will back CN in any proxy fight He also said CN was right to attempt the KCS takeover even though the bid failed.Ruest said his company won't indulge in unfounded and bad-faith arguments that serve the interests of one shareholder over others or of one of our competitors. CN is “intently focused on putting forward ideas, initiatives and people that drive the railway to drive the railway forward, not where it's been.”It said TCI has a glaring conflict of interest as CP's largest shareholder and is trying to assert effective control over CN without presenting a credible plan to create superior or sustainable value.CN said it will demonstrate more fully in due course that TCI's criticisms “are largely false or misleading.” It misrepresented CN's adjusted operating income, executive compensation and capital spending.The railway has focused on “invest in technology to enhance safety and reliability, renew CN's locomotive fleet and build network capacity and resiliency to lay the foundations for growth in total revenues and operating margins.”CN shareholders should question TCI's motives in ignoring the equally compelling rationale of CN's interest of pursuing the KCS takeover, Ruest said. CN believes the critical difference is that CP has limited long-term growth opportunities. while CN's future as a standalone business is bright. On this point, CN agrees with TCI: CN has indeed built, “a unique asset – the best rail network in North America.”With significant railroad industry experience, including four new senior leaders appointed over the past few years, and a focus on customer value, operational excellence, safety, environmental sustainability and social inclusion, CN's management team is ready to win for the future and to continue building the premier railway of the 21st century.TCI became a 5 per cent shareholder in CN recently and wants to install its hand-picked CEO and elect five directors to a board of 11, “but it has yet to put forward a differentiated or credible plan for creating sustainable value for CN's customers, shareholders and communities. Material published this week by TCI contains only one paragraph about its plans for CN, and what they say sounds remarkably similar to what CN is already doing. TCI's motives are highly suspect.”