Thomas May, a Bank of America board member who helped combine the firm’s chief executive officer and chairman roles, was re-elected with 66% of the vote, the least of any director, and down from 98 percent last year.
Bloomberg News reports that investors controlling 4.3bn shares voted for May, with 2.15bn against Bank of America said last week in a regulatory filing. May needed a simple majority to retain his post.
Two proxy advisory services, Institutional Shareholder Services and Glass, Lewis & Co., recommended that May be ousted this year because he’s chairman of the corporate governance committee that helped combine the two top roles now held by Brian Moynihan.
The bank will let shareholders vote on the rule change no later than its 2016 annual meeting, according to a May 4 regulatory filing.
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