Posted in Financial

Bank of America Changes Bylaws to Allow Some Investors to Nominate Directors–3rd Update – NASDAQ.com

Bank of America Corp. on Friday said it would allow certain investors to nominate their own directors, bowing to pressure from three large shareholders.

Bank of America’s concession is part of a larger shift this year as a number of U.S. corporations, including General Electric Co. and Prudential Financial Inc., embrace a shareholder-friendly nominating process– known as “proxy access”–after years of opposing it. Generally, at U.S. public companies, only directors who are supported by the company are nominated to the board.

via Bank of America Changes Bylaws to Allow Some Investors to Nominate Directors–3rd Update – NASDAQ.com.

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