Moynihan To Remain BofA Chairman? Shareholders Set To Vote
Bank of America shareholders will vote Tuesday on whether chief executive Brian Moynihan should continue to also serve as the company’s chairman. The issue has been brewing for several years.
Shareholders voted back in 2009 to separate the CEO and chairman roles. But in a controversial move last year, the Bank of America board changed the company’s by-laws to allow one person to hold both titles.
"In what I think is an unprecedented move, the Bank of America board more or less threw over the desires of the shareholders", says Analyst Nancy Bush, founder of the independent research firm NAB Research. The board's action sparked protests from some shareholders and shareholder advisory groups. WFAE's Mark Rumsey spoke with Bush about the corporate governance debate.