Bank of America shareholders should vote to separate the chief executive and chairman roles currently held by Brian Moynihan, CtW Investment Group said.

The bank is holding a Sept. 22 vote to approve bylaw changes that allowed Moynihan to add the chairman title last year. The Charlotte, N.C.-based company took a "big step backwards" when it replaced its independent chairman with a lead director, CtW said Friday in a letter posted on its website.

CtW, in Washington, advocates for union-affiliated pension funds that collectively manage more than $200 billion, according to its website. CtW is associated with Change to Win, a federation of unions that represent about 5.5 million members.

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