Bloomberg News reports that groups of investors who have owned at least 3% of the bank’s stock for three years will now be able to propose candidates for the board, the bank said Friday in a regulatory filing.
Bank of America said it will include those candidates in the ballots - known as proxies - that it sends to investors.
Pension funds have been pushing companies to adopt such rules after the near-collapse of the U.S. financial system showed some corporate boards weren’t doing a good job of overseeing risks.
In the meantime, Bloomberg also reports that Bank of America’s head of Southeast Asia merger and acquisitions Axel Granger is departing the bank, a person with knowledge of the matter said, as dealmaking in the region falls.
Granger, a director who joined the firm in 2008, is leaving to pursue other career opportunities, the person said, asking not to be identified as the matter is private.