(Describes other shareholder proposals disclosed by Citigroup
and Wells Fargo)
NEW YORK, March 15 Bank of America Corp
Chairman and Chief Executive Brian Moynihan will once again face
a shareholder vote on whether he should maintain both roles,
according to the bank's proxy filing on Wednesday.
A shareholder proposal calls on the bank's board to install
an independent chairman, while it allows for the board's
discretion to only apply the policy to the next CEO.
Shareholders also successfully submitted proposals on
whether the second-largest U.S. bank should toughen claw-back
provisions for executive pay, consider divesting some of its
assets and prepare a report examining gender pay equity.
The four proposals will be put up for vote at the bank's
annual general meeting on April 26.
In the proxy, Bank of America's board advised shareholders
to reject each of the shareholder proposals, as they have in the
past. A proposal in 2015 to split the chairman and CEO roles was
unsuccessful, as were previous proposals to strengthen claw-back
At Citigroup Inc and Wells Fargo & Co annual
meetings, shareholder proposals calling for studies of divesting
assets and gender pay differences also will be up for votes,
according to proxy statements which those two banks also filed
In past years, divestiture study proposals at big banks have
failed by large margins after being offered as first steps
toward possibly breaking them up to boost shareholder returns.
The Citigroup proxy also includes a proposal to toughen
claw-back provisions for executive pay.
Unlike Bank of America, both Citigroup and Wells Fargo have
different individuals serving as chairman and chief executive.
(Reporting by Tina Bellon and David Henry; editing by Lauren
Tara LaCapra and Jonathan Oatis)