Western Union Co. (WU) unveiled a proposal to declassify its board structure and said it won’t submit a management proposal for proxy access at its 2012 annual meeting, according to a Dow Jones report. (Western Union Plans To Declassify Board, Drops Proxy Plan, 2/13/2012)
No mention was made about wether or not the company would drop its no-action request on a proxy access proposal submitted by Norges Bank.
Under Western Union’s previously announced proposal, investor groups who hold a 5 percent stake for three years would be able to nominate board candidates to appear on the management proxy statement. The Norges Bank proposal would set a lower threshold for proxy access (a 1 percent stake for one year).