WU Western Union Company

   DOW JONES NEWSWIRES 
 

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.

The move comes as Western Union reports improving results with the U.S. continuing to recover from the financial crisis. Payment transfer activity is on the rise, and the company is expanding its worldwide presence.

Proxy access refers to the ability of shareholders of a public company to nominate directors to compete with the management's proposed slate.

If stockholders approve its latest proposal, Western Union will phase out the classification of its board so directors would start to be elected to one-year terms beginning with those chosen at next year's annual stockholder meeting.

Shares were recently up 13 cents at $17.77 after hours. The stock was off 18% over the past year through the close.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com