BofA sched­ules vote on whether CEO should keep chair­man ti­tle

The Pak Banker - - FRONT PAGE -

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.

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