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Union Presses Bank of America On Exec Pay

Law360 (January 13, 2006, 12:00 AM EST) -- Bank of America shareholders may soon have more influence in the determination of executive compensation packages if the bank agrees to demands by national union officials.

The American Federation of State, County and Municipal Employees asked Bank of America and four other companies to permit shareholders to hold a protest vote against annual executive compensation reports.

Bank of America said in a statement that the bank was discussing the proposal with the union.

The proposal stipulates that shareholders would not have a say in drafting the...
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