Bank of America Corp. on Friday gave more details about its
plans for letting shareholders have a say about whether Chief
Executive Brian Moynihan can keep his chairman title.
Responding to pushback from influential shareholders, including
California State Teachers' Retirement System, the second-largest
pension fund in the U.S. by assets, the bank in May said it would
give shareholders a chance to vote on the move the company made in
October to give Mr. Moynihan the role.
In a filing with the Securities and Exchange Commission, the
Charlotte, N.C.-based lender said it appreciates "the candor" with
which holders have expressed "insights and perspectives" and
confirmed it is calling a special meeting with a vote to ratify the
board's power to select a leadership structure that it sees
fit.
To elevate Mr. Moynihan, board members overrode a 2009 rule
passed by shareholders during the depths of the financial crisis
requiring that the two jobs be held by separate people. The board
also changed the bank's bylaws to do so, frustrating big pension
funds and other institutional investors who weren't consulted in
advance.
In its filing Friday, Bank of America didn't set a date for the
special meeting. The company said stockholders of record as of Aug.
10 will be eligible to vote.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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