Biggest U.S. Pension Funds Urge BofA to Split Chairman-CEO Roles
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The two biggest U.S. public pension funds will oppose a Bank of America Corp. proposal that would allow Chief Executive Officer Brian Moynihan to retain the chairman title.
The California Public Employees’ Retirement System and the California State Teachers’ Retirement System will vote against a proposed bylaw change at a Sept. 22 special meeting, according to a letter Monday to Jack Bovender, the bank’s lead independent director.