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Biggest U.S. Pension Funds Urge BofA to Split Chairman-CEO Roles

By Tony Seruga

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.

“The roles of CEO and chair of the board have inherent conflicts which require the two posts to be separate and independent,” the pension funds wrote…

Biggest U.S. Pension Funds Urge BofA to Split Chairman-CEO Roles

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