Bank Power: The impending rise of activism at Bank of America
Many a bank has been called into the "activist "target" spotlight, but the top bank in focus right now is Bank of America. It didn’t get “clean” approval from the Fed, which means it’s now failed to fully pass in two of the last three years.
It has implemented proxy access, which gives the longer-term investors the ability to nominate short slate directors. This comes after the bank failed to allow shareholders to vote on whether to separate the CEO and Chairman roles, a move that has been frowned upon by major institutional investors.
With all that, look for a consortium of activist led investors to set up a director-election campaign in 2016.