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Discover Financial shareholders approve shareholder proposal on special meetings

Discover Financial Services shareholders voted to approve a proposal to allow shareholders to call special meetings.

Myra Young, a company shareholder, proposed a 15% net long ownership threshold to call special meetings, which the board opposed, instead calling for a 25% threshold. Previously, only Discover's secretary could call special meetings. Discover's board also asked shareholders to eliminate an 80% supermajority vote requirement and replace it with a simple-majority vote instead.

The payments processor's shareholders voted to approve both proposals at the annual shareholder meeting May 16.