Ancora Holdings scored a second victory in its battle with Norfolk Southern when prominent proxy advisory firm Institutional Shareholder Services (ISS) recommended on Tuesday that shareholders elect five of the activist hedge fund's director candidates.

Norfolk Southern’s CEO has been endorsed by top proxy firm Institutional Shareholder Services as the railroad’s leadership works to fend off a proxy fight from investors led by Ancora Holdings.

An influential shareholder adviser said it is recommending five activist investor nominees to serve on Norfolk Southern's board, in a report that ratchets up the pressure on the railway company's leaders.

Ancora Holdings scored a victory in its battle with Norfolk Southern on Monday when proxy advisory firm Glass Lewis recommended investors in the railway replace its CEO and others with six of the activist investor's board director candidates.

Norfolk Southern leaders were dealt a heavy blow in their proxy fight with activist investor Ancora Holdings after proxy advisory firm Glass Lewis endorsed six of Ancora’s seven proposed board nominees.

The activist investor battling to replace Norfolk Southern Corp.’s leadership won the backing of Glass Lewis & Co., raising pressure on the railroad in the final days before a crucial shareholder vote.