Making Sense of Dodd-Frank reports that Western Union (WU) submitted a no-action letter to the SEC seeking exclusion of Norges Bank’s proposal pursuant to Rule 14a-8(i)(9) because the proposal directly conflicts with a proposal to be submitted by Western Union at the annual meeting.
While the bylaw proposal from Norges calls for a 1% threshold and 1 year holding for shareowner groups, management’s is for 5% held for three years. It does include groups but since those thresholds are substantially higher than those proposed by Norges, I would advise them to contest the no-action request.
I don’t think there would be any “confusion” if both items appear on the proxy. Whichever gets the most votes should be implemented. I would hate to see proxy access follow the same script we have seen for special meeting proposals where it appears shareowners have to fight for every percentage point year after year.