Bank of America chief Brian Moynihan approved as chairman after shareholder vote
Bank of America shareholders have voted in favour of chief executive Brian Moynihan retaining his chairman title, reversing a company bylaw that called for an independent chair.
The vote was cast 63 per cent in his favour after a special meeting, despite attempts by some shareholders urging a vote against.
Glass Lewis had argued that the move would give too much responsibility to a single person, however, Bank of America said that a separation between the two roles was no longer appropriate when its board made the decision to put Moynihan in both roles last year.
Pension fund CtF, which holds around a 0.2 per cent of votes, had campaigned for shareholders to vote against.
"We are pleased our shareholders had the chance to express their views, and we appreciate their support to continue driving our company forward for them and for our customers and clients," said Moynihan.
The two roles were originally separated in 2009, with former boss Ken Lewis losing the chairman role.