Proxy Advisor Glass Lewis Opposes BofA Board Proposal
September 02 2015 - 05:34PM
Dow Jones News
By Joann S. Lublin And Christina Rexrode
Proxy advisory firm Glass Lewis & Co. is recommending
shareholders vote against a board proposal by Bank of America Corp.
that would let the bank's chief executive, Brian Moynihan, keep the
title of chairman.
The advisory firm generally supports having the role of CEO and
chairman held by different people, and noted that Bank of America
shareholders have previously voted to keep the positions
separate.
"We do not believe the Company has provided sufficient rationale
that shareholders should ratify the board's decision to repeal a
hard-fought governance reform," Glass Lewis wrote in its report to
clients.
Shareholders are scheduled to vote on the proposal at a special
meeting on Sept. 22.
Write to Joann S. Lublin at joann.lublin@wsj.com and Christina
Rexrode at christina.rexrode@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 02, 2015 17:19 ET (21:19 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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