Pulled punch

22 September 2015 By Richard Beales Follow @richardbeales1

In the end, 63 pct of them voted to let Brian Moynihan remain as both CEO and chairman – even though directors gave him the latter title last year against the clear instructions of shareholders five years earlier. BofA’s owners have missed a chance to keep the board honest.

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Bank of America shareholders voted on Sept. 22 to allow Chief Executive Brian Moynihan to keep his chairman title. The bank received 63 percent of votes in support of ratification of the board’s removal in October 2014 of a provision in the bank’s bylaws that required it to have an independent board chairman.

The provision was originally forced on the company by a shareholder vote at its 2009 annual meeting. Some shareholders had criticized the board for making the amendments last year without consulting them, given the origin of the 2009 requirement.

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