Author: admin

Thank you all.

Our goal is to be the best, and our safety results improved across the board, making us the safest railroad for ensuring employees return home as healthy as they were when they showed up for work. We achieved double-digit reductions in accidents, both in terms of GTM workload and accidents per million train miles. We will remain focused on our safety journey by continuing to invest in our people, technology and facilities.

Our other two strategic pillars, Service and Operational Excellence, are also industry leading. We closed out 2025 with service levels that often exceeded what we promised our customers. These strong results position us to win in the marketplace and affirm our confidence that a merger with Norfolk Southern will mean stronger service levels for customers across the country.

As shared at our live employee town hall in December, we completed the next major step of the merger process and officially filed our application with the Surface Transportation Board. I’ve mentioned many times the benefits our combination with Norfolk Southern will deliver for America, our employees and our customers, so I won’t go into detail again. Instead, please visit our merger website for information on how it improves safety, service and customer options, and reduces trucks on highways.  

We have hundreds of supporters. We also knew opponents would come forward, and we understand why. Our opponents see an enhanced competitor that will be faster, delivering service with fewer touch points and less complications for customers. They see us coming and know that to compete they will need to either improve their service, price or both – and that is at the heart of all their concerns.

The Canadian government plans to invest billions in expanding port capacity on both the West and East coasts. A more efficient Union Pacific would enhance competition and help keep more jobs in the United States.

Let me be clear, our competitors want to be the best, too. If they thought we were doing something that would make Union Pacific weak, they would remain silent.

Some pundits are going back three decades to dissect the Southern Pacific merger. Over the last 30 years, technology has moved forward and efficiencies have moved forward with technology.  In fact, we operate 30% fewer trains than we did six years ago while moving more carloads. We achieved this by removing touch points, leveraging technology and maximizing opportunities.  

When I joined Union Pacific in 2019, I was unfamiliar with the complexity of its network. I used 40 years of railroading experience – as a locomotive engineer, conductor, yardmaster, clerk, sales manager, market manager, and key superintendent at flat yards, hump yards, and major port locations – to lead a team that improved Union Pacific’s efficiency, delivered better service and fostered growth. The Norfolk Southern integration will be handled the same way. 

I’ve gotten to know our Union Pacific team really well. I’ve met with many of you and know you are clear on our vision and our strengths and that you are focused on achieving positive outcomes. I am looking forward to what we will continue to do together.

2026 will be an exciting year with lots of achievements. We will celebrate our nation’s 250^th anniversary by bringing out Big Boy No. 4014 to make history on its first-ever coast-to-coast tour. I look forward to announcing the tour schedule soon, so Union Pacific and Norfolk Southern employees can bring their families to key stops on the route as a celebration of where we came from and where we are headed.

Thank you for the role you play on this winning team.

Jim Vena

More than 145 countries have agreed to amend a 2021 global minimum ⁠corporate tax agreement, addressing concerns in the United States that the rules could penalise US multinational companies.

The Organisation for Economic Cooperation and Development said the fresh package preserves the 15 per cent global minimum tax framework designed to ensure large multinationals pay a baseline tax wherever they operate.

The update includes simplifications and carve-outs to align US minimum tax laws with global standards, accommodating earlier objections raised by US President Donald Trump’s administration.

OECD’s Australian head Mathias Cormann said in a statement the arrangement “enhances tax certainty, reduces complexity and protects tax bases”.

‘No force or effect’ in US

US President Donald Trump declared in an executive order when he took office nearly a year ago that the OECD global minimum tax deal would have “no force or effect” for the US.

Treasury Secretary Scott Bessent said Monday’s agreement would ensure that US-headquartered companies would only be subject to US global minimum taxes and preserve benefits of US research and investment tax credits.

“This agreement represents a historic victory in preserving US sovereignty and protecting American workers and businesses from extraterritorial overreach,” Bessent said in a statement. 

He pledged to continue engagement with other countries on a “constructive dialogue” on taxation of the digital economy, a reference to a second, more difficult pillar of the OECD tax framework.

How does the minimum tax work? 

As of October, more than 65 countries had begun implementing the 2021 global tax deal, which requires them to apply a 15 per cent corporate tax or impose a top-up levy on multinationals booking profits in jurisdictions with lower tax rates.

The revised agreement solidifies global backing after G7 countries, including the US, brokered a deal in June exempting some US companies from parts of the original framework.

A broader agreement, reached on Monday after the US pressured holdouts to back the updated arrangement, helps stabilise the global deal.