NEW YORK (TheStreet) -- Bank of America (BAC) shares are down 1.16% to $16.16 in trading on Wednesday after the bank's lead independent director said that the company's shareholders should have a say in a rule that allowed CEO Brian Moynihan to become chairman.
The bank originally amended company bylaws that required an independent chairman in October. Earlier this week the bank said that it will allow shareholders to vote on the rule change by next year's shareholder meeting.
Shareholder voted in favor of the company's executive compensation, board nominations and opposition to shareholder proposals, according to Reuters, though Bank of America did not release the official tally showing the breakdown of the votes. The company said that it would release the official numbers within four days.
Lead independent director Jack Bovender believes that shareholders should have a say in whether they like the idea of the chairman of the board also holding an executive position.
TheStreet Ratings team rates BANK OF AMERICA CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, expanding profit margins, growth in earnings per share and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."