BofA shareholders approve exec pay

• In no surprise, Bank of America (BAC +0.1%) owners elected all 13 directors nominated by the bank, and approved compensation for top management.
• Also, no surprise, owners rejected a "clawback" proposal in which the bank could have held onto a substantial portion of the pay of executives for at least 10 years.
• Among the speakers was analyst Mike Mayo, who criticized the board's independent members for not holding CEO Brian Moynihan and team more accountable for hitting financial targets. He called the compensation proposal "extra pay for management."
• Mayo upgraded BofA to Outperform about three months ago, arguing the cheap valuation and strong balance sheet made the stock a buy despite poor corporate governance.
• Annual meeting webcast