Bank of America Corp joined a growing list of U.S. companies that are changing their corporate governance rules to make it easier for shareholders to nominate directors, after talks with pension funds.The bank said on Friday its amended bylaws would allow a single shareholder or a group of up to 20 shareholders, who own more than 3 percent of the company's stock for at least three years, to nominate up to 20 percent of the board's directors.BofA's move, disclosed in a filing with the U.S. Securities and Exchange Commission, makes it the latest company to embrace the director-nomination reform known as "proxy access."General Electric Co made a similar change to its bylaws last month, while Citigroup Inc said it would support the reform.
Bank of America Corporation (Bank of America) is a bank holding company and a financial holding company. Shares of BAC traded higher by 1.47% or $0.23/share to $15.84. In the past year, the shares have traded as low as $14.37 and as high as $18.21. On average, 95681200 shares of BAC exchange hands on a given day and today's volume is recorded at 99828907.
Citigroup Inc., is a financial services holding company. Shares of C traded higher by 1.15% or $0.6/share to $52.98. In the past year, the shares have traded as low as $45.18 and as high as $56.95. On average, 20641400 shares of C exchange hands on a given day and today's volume is recorded at 22465336.
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