BofA's Exec Pay Plan Wins Investor Favor, Bucking Trend

Law360, New York (May 9, 2012, 6:01 PM EDT) -- Despite protests surrounding its annual meeting in Charlotte, N.C., on Wednesday, Bank of America Corp. earned broad shareholder support for its executive pay packages, breaking with a recent trend of financial firms receiving investor rebukes for paying lavish compensation for poor results.

Bank of America said 92 percent of shareholders endorsed its executive pay plan, including its decision to give CEO Brian Moynihan a $7 million compensation package in 2011. The nonbinding vote stands in contrast to recent investor polls taken during annual meetings of Citigroup...
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