SEC Approves Request for Vote Proposed by BoA Shareholder
At Fulcrum Partners LLC, we’ve long thought that the nonqualified deferred compensation platform is ideally suited for claw back arrangements. See how Bank of America is taking it to a new level.
An article written by Deon Roberts and published by The Charlotte Observer (February-10-2016) provides updates and insights on a request from a Bank of America shareholder to present a proposal for voting that would require top executives to defer a portion of their annual pay to cover future legal expenses. Although Bank of America has fought the proposed vote, claiming it to be a matter of ordinary business operations, the Securities and Exchange Commission has determined that BoA cannot prevent its investors from voting on the proposal.
You can read the entire article in the Business section of The Charlotte Observer www.charlotteobserver.com/
Bank of America (BoA) Shareholders To Vote on Deferring Executive Pay for Legal Fines
The Charlotte Observer stated, “The Securities and Exchange Commission has cleared the way for Bank of America shareholders to vote on a proposed requirement that its top executives have a portion of their annual pay deferred to cover future legal fines.”