Decision time

28 April 2009 By Antony Currie Follow @AntonyMCurrie

The CEO s botched Merrill deal, which he s tried to pin on others, pummeled the firm s stock and prompted a double government bailout. And BofA may need more capital yet. The board has failed to act. Shareholders should take matters into their own hands at the AGM Wednesday.

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Bank of America's annual general meeting for shareholders takes place on Wednesday April 29th. The bank, along with Citigroup, is under pressure from the government to raise more capital after results of the stress tests came in, according the Wall Street Journal.

All directors of the bank are up for reelection. Proxy firms Glass Lewis and RiskMetrics as well as a number of investors, including union pension fund manager CtW, have called for shareholders to vote against chairman, chief executive and president Ken Lewis as well as lead director Temple Sloan and a handful of other board members.

Pension fund Calpers, which owns 22.7m shares, has voted against all 18 directors.

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