The Bank of America (BofA) has announced in a press release that Brian Moynihan, the company's chairman and CEO, will keep both of his posts after shareholders approved the proposal to ratify the 2014 amendments to the company's bylaws that permitted the board of directors to determine its leadership structure.
About 63 percent of BofA shareholders approved the proposal during a special meeting of shareholders held on Tuesday, September 22, 2015.
Jack Bovender, the lead independent director of BofA, said in the press release that the vote held in the special meeting they on Sept. 22 was for the shareholders.
"We held today's vote in direct response to extensive shareholder engagement," he said. "We appreciate the opportunity so many of our shareholders gave us to discuss this issue, and our board looks forward to continuing this constructive engagement."
Moynihan adds in the press release that they are pleased to hear the side of their shareholders.
"We are pleased our shareholders had the chance to express their views, and we appreciate their support to continue driving our company forward for them and for our customers and clients," he said.
The Charlotte Observer adds that BofA's executives said that they plan to step up their efforts to interact more with their shareholders following the special meeting.
"We're going to be engaged with our large institutional shareholders and other shareholders on a more proactive way than we've been in the past," Bovender said. He adds that their message is that they "want more contact."
The Charlotte Observer adds that the effort to interact more comes after shareholders reacted negatively over the board's decision in October of 2014 not to follow a bylaws requirement for an independent chairman.
The bylaw was approved in 2009 that stripped then-CEO Ken Lewis of his chairman title.
The announced results of the vote during the special meeting are considered preliminary, according to the press release.
The final results will be reported on a Form 8-K that will be filed with the Securities and Exchange Commission this week.
