Bank of America, L3Harris shareholders approve executive pay, elect directors

Bank of America shareholders approved compensation packages for CEO Brian Moynihan and other top executives, as well as elected 14 directors to the board, despite proxy adviser Institutional Shareholder Services recommending a vote against the payouts due to concerns about the compensation-setting process. Moynihan’s $35 million pay package, up 21% from the previous year, was credited by the board to increases in net income and revenue. Shareholders also rejected all individual shareholder proposals, including those related to the bank's lobbying activities and climate targets. These decisions reflect continued shareholder confidence in the bank’s leadership and strategic direction.