by Saeed Azhar and Nupur Anand
SALT LAKE CITY, Utah/NEW YORK (Reuters) – Shareholders of Goldman Sachs and Bank of America voted on Wednesday against plans to separate the roles of chairman and chief executive officer at each of the two U.S. banks.
Institutional Shareholder Services (ISS) and Glass Lewis, two influential shareholder advisory companies, had nevertheless invited them to withdraw from David Solomon and Brian Moynihan, respective bosses of Goldman and BofA, their title of chairman of the board of directors of their bank.
Norway’s sovereign wealth fund, one of the largest investors in the world, also announced its support for these resolutions.
Proposals received only 33% at Goldman Sachs, compared to 16% last year, and 31% at Bank of America (26% last year).
During the general meetings of the two groups, investors approved all the resolutions proposed by management, including on remuneration, and rejected all those submitted by shareholders.
(Report, written by Bertrand Boucey, , edited by Zhifan Liu)
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