Bank of America not giving shareholders a vote on chairman decision

Bank of America shareholders learned Thursday that the bank will not hold a vote at its May 7 annual meeting on its move last fall to hand its CEO the chairman title.

The Charlotte bank’s annual proxy filing does not include any proposals from the bank’s management or shareholders on the lender’s combination of the two roles in October.

Several large investors had pushed for the bank to let shareholders vote on the bank’s decision to roll back a bylaw change approved by shareholders in 2009 to split the roles. But these shareholders later backed off a request for a vote.

In the proxy filing, Bank of America strongly defended its decision to give CEO Brian Moynihan the extra title, saying it was based on a “well-researched” review and months of “thorough deliberation.”

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