BofA schedules vote on whether CEO should keep chairman title
Bank of America Corp shareholders will vote Sept. 22 on whether its board was right to grant Chief Executive Officer Brian Moynihan the additional title of chairman last year.
The bank set the date in a regulatory filing Thursday after previously saying it would hold the vote in coming months. The Charlotte, North Carolina-based firm has said it will "promptly implement" a plan to find an independent chairman if a majority of investors oppose the decision that gave Moynihan both of the top jobs. In October, the bank's directors amended bylaws approved in a 2009 vote that required an independent chairman. After proxy advisers including Institutional Shareholder Services recommended that four directors be ousted for overruling the earlier referendum, the bank committed in May to holding a vote on the chairman rule change. The four directors were all re-elected.