Bank of America (BAC) shareholders approved the bank's executive-compensation proposal and its full slate of directors at a contentious annual meeting Wednesday.
The meeting in Charlotte, N.C., drew hundreds of protesters and mostly negative comments from shareholders about the bank's foreclosure practices.
Ninety-two percent of the votes cast approved the bank's executive-pay plan and the renomination of all 12 board members, a B of A proxy official said. Investors rejected six other proposals, including one to ban political spending and another to require an independent review of mortgage-servicing practices.
Investors have rejected compensation policies at Citigroup (NYSE: C) and FirstMerit (FMER). Just 58% of stockholders gave their assent to say-on-pay proposals at Bank of New York Mellon (BK). The Dodd-Frank Act mandates the advisory votes.
Brian Moynihan, B of A's CEO, stayed calm throughout the nearly 90-minute meeting during which he faced angry comments from 25 shareholders.
One shareholder called the bank a "felon," and another told Moynihan that he had engaged in "criminal activity."
Moynihan received total compensation of $8.1 million in 2011, up from $1.9 million in 2010. He received no cash bonus and most of his stock pays only if the company attains certain performance goals. ISS Proxy Advisory Services and Glass Lewis & Co, which advise large shareholders on how to vote at annual meetings, backed B of A's pay plan.