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UPDATE 1-Canada pension fund votes to separate Bank of America roles

Published 2015-09-22, 08:35 a/m
© Reuters. UPDATE 1-Canada pension fund votes to separate Bank of America roles
BAC
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STT
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Sept 22 (Reuters) - The Canada Pension Plan Investment Board
said on Tuesday it has voted to strip Bank of America Corp (NYSE:BAC)
BAC.N Chief Executive Officer Brian Moynihan of his chairman's
title, the biggest shareholder so far to declare its intentions
in a closely watched corporate governance contest.
The Charlotte, North Carolina-based bank is holding a
special shareholder meeting Tuesday morning on bylaw changes it
made last year to allow CEO Moynihan to take on the additional
role of chairman, sparking protests from other public pension
funds who say the roles should remain separated to provide more
oversight. ID:nL1N11R1KO
The Canada Pension Plan Investment Board controls 103
million shares of the bank, or about 1 percent of the bank's
shares, making it the tenth largest investor overall, according
to Thomson Reuters data.
Representatives for the bank's top three investors -
Vanguard Group, State Street Corp (NYSE:STT) STT.N and BlackRock
Inc BLK.N - have so far declined to comment on how they will
vote.
In an e-mailed message on Tuesday morning, a spokeswoman for
the Canada fund cited a voting record posted on its website. The
spokeswoman did not immediately return a message seeking further
comment.
Technically the fund and other bank investors are voting on
bylaw changes made to allow Moynihan to take on the additional
role, and the bank has said it will honor the voting results.
The changes undid a vote by shareholders in 2009 to strip
the previous CEO, Ken Lewis, of the chairman's title, at the
height of the financial crisis.

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