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.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, comes at a time when regulators are starting to more closely scrutinize proxy reforms.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 0.96% or $0.15/share to $15.76. 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 31736297.
Citigroup Inc., is a financial services holding company. Shares of C traded higher by 1.06% or $0.555/share to $52.94. 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 7274629.