Brian Moynihan to face shareholders soon

March 18, 2010 | By Jim Kim

The Bank of America (NYSE: BAC) annual shareholder meeting is still six weeks away, but you get the feeling that CEO Brian Moynihan (Brian Moynihan new) is laying the groundwork for what he hopes will be a calm initial encounter. In his letter to shareholders as part of the company's annual report, he acknowledged Bank of America had "missed the mark'' during the financial crisis.

One big issue at the meeting will likely be compensation (executive compensation news). The Boston Globe notes that one union-sponsored voting matter will be a "claw back'' for any compensation. A second shareholder proposal would give investors a yearly say on pay in approving executive compensation plans. Management is recommending against both items. Former CEO Ken Lewis (Ken Lewis news) may come in for some heavy criticism, as some may be rankled by his high deferred compensation and life insurance entitlements. Meanwhile, a Dutch pension became the latest to sue the bank over lack of disclosure about its Merrill Lynch purchase.

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