Western Union 2013 Annual Report Download - page 95

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77 | The Western Union Company – Proxy Statement
Proposal 4 PROXY STATEMENT
NOTICE OF 2014 ANNUAL MEETING OF STOCKHOLDERS AND PROXY STATEMENT
Finally, the language of the proposal is fundamentally vague and indefinite with respect to the nature and scope of
the written consent right requested by the proposal and the standards by which the implementation of the proposal
is to be measured. On the one hand, the proposal requests that the Board take steps to permit stockholders to act
by written consent to the same extent that they currently could act at a meeting of the stockholders. On the other
hand, the proposal states that it “includes shareholder ability to initiate any topic for written consent consistent with
applicable law” (emphasis added). These are two distinct, potentially conflicting, standards. Would the proposal, if
adopted, require only that voting by consent extend to the same issues on which stockholders currently can act at a
meeting under the Company’s Certificate of Incorporation and By-Laws, or would it instead require that stockholders
acting by consent be given the power to take any action that stockholders conceivably take under Delaware law?
The proposal does not acknowledge this ambiguity. As such, it is unclear to the Board precisely what the proposal is
requesting or how it would be implemented were it to receive the requisite number of votes.
Required Vote; Recommendation Only
The affirmative vote of the holders of a majority of shares of the Company’s Common Stock present in person or
represented by proxy at the meeting and entitled to vote on the subject matter is required to approve this Proposal 4.
Stockholders should be aware that this stockholder proposal is simply a request that the Board take the action
stated in the proposal. Approval of this proposal may not result in the requested action being taken by the Board of
Directors, and therefore, its approval would not effectuate the actions requested by the proposal.
THE BOARD RECOMMENDS THAT YOU VOTE AGAINST PROPOSAL 4.