Bank of America shareholders reject proposal to split CEO, chair roles
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FILE PHOTO: A Bank of America logo is seen on the entrance to a Bank of America financial center in New York City, U.S., July 11, 2023. REUTERS/Brendan McDermid/File Photo
NEW YORK (Reuters) - Bank of America shareholders rejected a proposal to divide the CEO and chairman roles held by Brian Moynihan on Wednesday at the company's virtual annual meeting.
Proxy advisers had recommend investors vote for the bank to separate the positions in an effort to improve governance. The proposal was backed by 31% of shareholders.
All of BofA's management proposals were approved by shareholders.
(Reporting by Nupur Anand and Tatiana Bautzer in New York, editing by Lananh Nguyen)
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