NEW YORK (Reuters) – Bank of America shareholders voted on Tuesday to approve pay packages for CEO Brian Moynihan and the lender’s top executives, and also elected its 14 directors on the board.
Proxy adviser Institutional Shareholder Services had recommended that investors vote against the payouts, expressing concerns about the process used to set the compensation.
Moynihan earned $35 million for last year, an increase of roughly 21%. The company’s board credited him with growing its net income 2.3% last year and boosting revenue 3.4%.
(Reporting by Saeed Azhar)
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