Shareholders Should Cut BOA Audit Chief

May 2nd, 2011 by James

Shareholders Should Cut BOA Audit ChiefThe Bank of America Corp shareholders not reelect the head of the company’s audit committee at the May 11 annual meeting, according to a shareholder advisory firm.

ISS Proxy Advisory Services said shareholders should vote against the re-election of Charles Rossotti to the board of the largest U.S. bank by assets.

From in.news.yahoo.com:

Institutional and individual shareholders often use the recommendations of advisory firms to help guide their voting decisions during corporate annual meetings.

ISS also recommended that shareholders vote in favor of seven of eight shareholder proposals on the proxy ballot. BofA’s board opposes all of the shareholder proposals.

ISS argued that Rossotti, a senior adviser at private equity firm Carlyle Group , is not a fully independent director because an immediate family member is a partner in a law firm BofA retains for legal services.

In a securities filing on Thursday, BofA said ISS recommended that shareholders elect Rossotti at last year’s annual meeting, even though his immediate family member held the same post and the relationship was disclosed in that year’s proxy statement.

The shareholder advisory firm recommended shareholders vote in favor of the 12 other directors standing for re-election.

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