CHARLOTTE, NC (WBTV) - Bank of America shareholders voted in favor of allowing Brian Moynihan to remain chairman and CEO of company, during a shareholders meeting on Tuesday.
The vote was on a proposal to ratify the 2014 amendments to the company's bylaws that permitted the board of directors to determine its leadership structure.
At the special meeting, the company announced preliminary results of the shareholder vote. Approximately 63 percent of shares voted were cast in favor of the proposal.
The final results will be reported on a Form 8-K filed with the Securities and Exchange Commission later this week.
While there was a majority of shareholders who approved the move, some stockholders said that they were unhappy with the outcome of the vote.
"I just think that Bank of America, the size it is, needs an independent chairman," said Francois Swanepoel.
Fred J. Martin, Jr. retired from Bank of America in 1983. He came all the way from San Francisco to attend Tuesday's meeting. He said he was unhappy with the process the board went through before today's vote.
"We are alarmed by the way in which the bank is operating and moving and think that it needs to rethink its situation," Martin told WBTV. "I think the arrogance of not going to shareholders is evident on the face of it. They don't treat shareholders well."
While Moynihan was appointed before the actual vote, Bank of America leaders said Tuesday's vote was an effort to increase shareholder engagement.
"We held today's vote in direct response to extensive shareholder engagement," said Lead Independent Director Jack Bovender. "We appreciate the opportunity so many of our shareholders gave us to discuss this issue, and our board looks forward to continuing this constructive engagement."
According to Bank of America, only 14 companies in the S+P 500 (approximately three percent) have adopted a formal policy requiring separation of the chairman and CEO roles, which represents a decline from the 21 companies that mandated a split as of 2013.
Chairman and CEO Brian Moynihan said, "We are pleased our shareholders had the chance to express their views, and we appreciate their support to continue driving our company forward for them and for our customers and clients."