By Lisa Beilfuss
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, or Calstrs, 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 & 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, aggravating big pension
funds and other institutional investors who weren't consulted in
advance.
In its filing Friday, Bank of America suggested that the special
meeting would occur later this year, but didn't set a specific
date. The company said stockholders of record as of Aug. 10 will be
eligible to vote.
--Peter Rudegeair contributed to this article.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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