Bank of America, which overruled a shareholder vote mandating an independent chairman, has the worst corporate governance of any big bank since Citigroup before the financial crisis, CLSA analyst Mike Mayo said.
Bloomberg News reports that Bank of America shareholders as of August 10 will be allowed to vote on last year’s change that enabled CEO Brian Moynihan to add the chairman title, the lender said last week in a regulatory filing.
'How they fix that corporate governance issue is up to them', Mayo said Tuesday in an interview. 'Fire the corporate governance committee, make changes at the top, have an independent chairman. We don’t care, but this needs to be fixed'.
To access the complete Bloomberg News article hit the link below: