BofA will allow long-term stockholders to nominate for board

Bank Of America Building

Bank of America will allow some long-term investors to nominate candidates for its board of directors, the latest company to adopt 'proxy access' rules pushed by pension funds.

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.

BofA to Let Some Long-Term Investors Nominate Board Candidates

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