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Second U.S. Company to Consider Adopting Proxy Access

Reese Darragh | January 27, 2012

Payment services company Western Union announced that it plans to offer a management bylaw proposal at its next annual meeting to allow investor groups who hold a 5 percent stake or more for a period of three years to nominate a candidate to the board. The proposal will appear in the management's upcoming proxy statement, it said in a no-action request letter submitted to the Securities and Exchange Commission dated Jan. 13.

The company is also seeking the SEC's permission to exclude a binding resolution filed by one of its more prominent shareholders, Norges Bank Investment Management—the investment arm of the Norwegian Central Bank that manages the country's pension fund on behalf of the Ministry of Finance. The resolution submitted by the Norwegian monetary authority seeks to lower the threshold of shareholders' eligibility to nominate a board's candidate to a one...

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