Shareholders re-elected Bank of America’s board of directors at today’s annual meeting despite intense opposition from two shareholder advisory firms. The opposition stemmed from the bank’s decision last fall to also make CEO Brian Moynihan the bank’s chairman. Many shareholders argued that should have been put up for a vote.
Shareholders also approved the board’s recent decision to drop Moynihan’s compensation package by a $1 million, to $13 million. All but $1.5 million of that is in company stock.