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Proxy adviser ISS: Strip chairman role from BofA chief Moynihan

Sep. 04, 2015 7:00 PM ETBank of America Corporation (BAC) StockBACBy: Jason Aycock, SA News Editor24 Comments
  • Influential proxy adviser Institutional Shareholder Services has joined the choir urging shareholders at Bank of America (BAC -1.8%) to strip CEO Brian Moynihan of his chairman's title.
  • With shareholders objecting since Moynihan got the additional title last year, the company promised a vote that was then moved sooner, to Sept. 22.
  • On Tuesday, the country's two biggest pension funds urged separating the roles at BofA, due to "inherent conflicts." Mike Mayo noted that letting Moynihan serve in both roles could bring more regulatory scrutiny.

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