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Discover Financial Services asks shareholders to vote down investor proposal

Discover Financial Services' board asked shareholders to vote for two of its proposals related to shareholder rights and against an advisory shareholder proposal that calls for lowering the ownership threshold for shareholders to call special meetings.

The shareholder proposal, filed by Myra Young, asks Discover's board to set a 15% net long ownership threshold to allow shareholders to call a special meeting, according to preliminary proxy materials.

Discover asked shareholders to instead to support its proposal to set that threshold at 25%. Currently, only the secretary of the company may call a special shareholders meeting.

Discover also asked shareholders to approve its proposal to eliminate an 80% supermajority voting requirement in the company's bylaws and replace it with a simple-majority requirement. This proposal follows an advisory proposal along the same lines that passed at the company's 2018 meeting.

The proposals will be voted on at the company's annual meeting on May 16.