BofA (BAC) Averts Activist Move to Implement Independent Chair

Bank of America (NYSE: BAC) is avoiding the wrath of an activist investor group by promising to be more tansparent with its corporate culture and business practices.

Reuters said early Thursday that the resolution comes as CEO Brian Moynihan was appointed as Chairman last year. The bank will now produce a report outlining its governance and operations for Interfaith Center on Corporate Responsibility (ICCR), avoiding a shareholder resolution which would have the institution implement an independent board chair.

ICCR pulled a similar move with JPMorgan (NYSE: JPM) recently.

ICCR noted that Moynihan took over as CEO of BofA following the worst of the 2008 financial crisis and commended the bank for appointing Jack Bovender as lead independent director as Moynihan took the chairman role.

Shares of BofA are lower in early trading Thursday following Q4 results.

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