Upcoming vote on duality at BoA

This weekend's FT is expecting a close call later this month on the upcoming shareholder vote later this month to ratify or reject BoA's decision to name Brian Moynihan for the role of chairman in addition to his CEO title. The article quotes an investment director saying even if the motion is passed, it is a "self-inflicted governance wound".  Interestingly, it also says that only 3% of shareholder proposals for independent chairs were passed this year at Russell 3000 companies. A binding shareholder vote in 2009 at the firm concluded an independent chairman might have countered some excesses of the past, however an administrative error led to the the failure to first consult shareholders.  Should be interesting to see where this plays out as duality is an accepted practise at US banks, unlike UK firms.  You can read more about this issue at http://www.ft.com/intl/cms/s/0/79944402-4dcc-11e5-9b5d-89a026fda5c9.html#axzz3krANlAel

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