ISS recommends votes against Bank of America's CEO pay

Ross Kerber

Fri, Apr 4, 2025, 9:41 AM 1 min read

By Ross Kerber

(Reuters) -Proxy advisor Institutional Shareholder Services has recommended that investors formed advisory votes against the wage of apical Bank of America executives including CEO Brian Moynihan, citing concerns astir the process utilized to acceptable the compensation.

Moynihan earned $35 cardinal past year, an summation of astir 21%. ISS said successful a study connected Thursday that the summation "appears directionally aligned with institution performance."

But the process for determining his short-term inducement includes discretionary determinations and the slope did not disclose capable details, which "inhibits a fulsome appraisal of wage programme rigor and the reasonableness of the circumstantial wage determinations," ISS said.

Asked for remark astir the ISS report, a Bank of America spokesperson referred to connection successful its caller proxy statement. In the papers the slope credited Moynihan with increasing its nett income 2.3% past twelvemonth compared to 2023 and increasing gross 3.4% past twelvemonth compared to 2023.

Rival proxy advisor Glass Lewis had recommended connected March 28 that investors ballot successful enactment of Bank of America's enforcement pay.

(Reporting by Ross Kerber; Editing by Mark Porter)