BofA shareholders approve pay for pinnacle executives

Bank of the united states Corp (BAC.N) shareholders elected all thirteen administrators nominated via the bank at its annual meeting on Wednesday, at the same time as approving compensation for top executives in a non-binding decision.

Shareholders rejected an investor proposal tied to "clawing returned" government pay.

The suggestion could have required financial institution of the united states to keep onto a "full-size portion" of govt officials' pay for at least 10 years to help pay for economic damages incurred with the aid of the bank.

financial institution of the united states's board had recommended vote casting towards the suggestion, as had proxy advisory firms Institutional Shareholder offerings and Glass, Lewis & Co.

investors additionally ratified PricewaterhouseCoopers as financial institution of the usa's unbiased auditor.

amongst audio system on the meeting was CLSA bank analyst Mike Mayo, a common critic of the financial institution.

Mayo said the financial institution's independent directors were not maintaining chief government Brian Moynihan and his control group accountable whilst it came to placing time-particular financial targets. He also criticized the financial institution's government pay thought, calling it "greater pay for control".

"I do not see why the proxy, as overseen by means of the lead director, could allow management to get off so easily," he said.

Mayo upgraded bank of america to "outperform" from "sell" on Jan. 29, arguing in a record that the bank's low valuation and sturdy balance sheet make it appealing despite what he known as "terrible governance and oversight."

The meeting became much less eventful than final yr, when shareholders complained loudly after the board unilaterally modified its bylaws to permit Moynihan to preserve both the CEO and chairman roles, after buyers had voted in 2009 to separate them.

Bowing to the pressure, financial institution of the united states held a vote on the problem in September, but shareholders upheld the board's selection.