Bank of America does deal over independent chair concerns

Brian Fonzie Moynihan

An activist investor group said it is withdrawing a shareholder resolution that called for Bank of America to have an independent board chair, easing some of the pressure the bank faced after giving its Chief Executive Brian Moynihan the additional title of chairman last year.

Reuters reports that in return for avoiding a vote on the resolution at its springtime annual meeting, Bank of America agreed to produce a report on its corporate culture and business practices, said Seamus Finn, chair of the Interfaith Center on Corporate Responsibility.

It had sponsored the resolution and recently forced JPMorgan to complete a similar review.

To access the complete Reuters article hit the link below:

Bank of America strikes deal to avoid activist resolution on chairman role

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