BofA shareholders OK pay

Bank of America

Bank of America shareholders elected all 13 directors nominated by the bank at its annual meeting on Wednesday, while approving compensation for top executives in a non-binding decision.

Reuters reports that shareholders rejected an investor proposal tied to "clawing back" executive pay.

The proposal would have required Bank of America to hold onto a "substantial portion" of executive officers' pay for at least 10 years to help pay for monetary damages incurred by the bank.

Bank of America's board had recommended voting against the proposal, as had proxy advisory firms Institutional Shareholder Services and Glass, Lewis & Co.

Investors also ratified PricewaterhouseCoopers as Bank of America's independent auditor.

To access the complete Reuters article hit the link below:

BofA shareholders approve pay for top executives

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