Investors want change after BofA has 'continued to underperform'

The two biggest U.S. public pension funds will oppose a Bank of America proposal that would allow CEO Brian Moynihan to retain the chairman title.

Bloomberg News reports that the California Public Employees’ Retirement System and the California State Teachers’ Retirement System will vote against a proposed bylaw change at a September 22 special meeting, according to a letter Monday to Jack Bovender, the bank’s lead independent director.

'The roles of CEO and chair of the board have inherent conflicts which require the two posts to be separate and independent', the pension funds wrote.

Calpers and Calstrs said the lender has 'continued to underperform' since Moynihan, 55, became CEO in January 2010, noting its struggles with the Federal Reserve’s annual stress tests and 'sub-par engagement' with investors. 

To access the complete Bloomberg News article hit the link below:

Biggest U.S. Pension Funds Urge BofA to Split Chairman-CEO Roles

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