Bank Of America Annual Meeting Approves CEO Pay, Despite Noisy Protests

Brian Moynihan Smile

No problems for Brian.

The New York Times reports that, despite noisy protests inside and outside Bank of America’s annual meeting here Wednesday, shareholders signed off on the $7m 2011 pay package for the chief executive, Brian Moynihan.

The company said 92% of shareholders voted in favor of the proposal, a so-called say-on-pay resolution that gives stockholders the opportunity to give a nonbinding thumbs-up or thumbs-down on executive pay.

Bloomberg has reported that Moynihan, 52, presided over a contentious two-hour gathering as shareholders pressed him on complaints ranging from mortgage practices and foreclosures to customer service and political contributions. One attendee at the Charlotte, North Carolina event lamented the lost value of his shares and referred to the bank as a 'felon'.

And Reuters reports that demonstrators staged a mock boxing match between two fighters, one as Moynihan representing the 1% of wealthiest Americans and another representing the '99%'. Later, marchers - holding signs, banging on drums and dragging a giant inflated ball and chain labeled 'debt' - blocked the intersection in front of the meeting site for more than a hour.

Finally, The New York Post reports that Moynihan is the worst big bank boss in the country, an analyst claims.

Moynihan is at the bottom of a ranking by Credit Agricole analyst Michael Mayo of bank CEOs by the performance of their company's stocks since each one took over, Fortune reports.

BofA's shares have fallen by 42% since Moynihan became CEO in early 2010.

 

 

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