Opposition keeps mounting against Bank of America Corp. Chairman and Chief Executive, Kenneth D. Lewis going into today's annual meeting, and one group is urging the company to nullify broker-cast votes.
The California Public Employees' Retirement System said Tuesday that it would withhold votes for all 18 B of A directors, including Lewis. Calpers joins TIAA-CREF, the California State Teachers' Retirement System, the Illinois State Board of Investment, the State Teachers Retirement System of Ohio and the Virginia Retirement System in recommending votes against Lewis and other directors.
CtW Investment Group on Tuesday urged B of A to prohibit brokers from casting so-called uninstructed votes. The group of pension funds, which is seeking to oust Lewis, said that such votes could account for up to 25% of the total votes cast.
Three proxy advisory firms — Glass Lewis & Co., RiskMetrics Group and Egan-Jones Proxy Services — have also recommended shareholders withhold re-election votes for Lewis and other directors. There is also growing support for a proposal to create a new independent chairmanship.