Bank of America Announces Results from Annual Meeting
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All 18 directors were elected to the board by comfortable margins. In
addition, management proposals regarding executive compensation and the
retention of Seven shareholder proposals were not approved. An eighth shareholder proposal to change the company's by-laws to require an independent chairman was narrowly approved. (For results see the table below). At a meeting of the Board of Directors today, after a recommendation from
the Governance Committee, Dr. Massey is president emeritus at Prior to Morehouse, Massey held a range of administrative and academic
positions. He is former director of the Immediately prior to Morehouse, Massey was provost and senior vice
president for academic affairs at the After earning a bachelor of science in physics and mathematics in 1958
from Morehouse, Massey received his master's and doctorate in physics in 1966
from Active with a range of organizations, Massey is a past chair of the
Secretary of Energy Advisory Board (SEAB) and was a member of the President's
He is a fellow and past president of the Born in Hattiesburg, Miss., he and his wife, During the meeting, Lewis said the company's long-term vision for
profitable growth is being advanced by the acquisitions of "We are building this company and managing for the long term," Lewis told shareholders at the company's annual meeting today. "I continue to believe we have built the best financial company in the industry, and that our results over the long term will bear that out. "Let me acknowledge that 2008 was a very difficult year for the economy, for the financial services industry and for our company in particular," Lewis said. "Our company's shareholders have carried a heavy burden recently. We are doing everything within our power every day to fight through today's adversity and drive toward tomorrow's promise. "Merrill will help the company move toward its goal of developing
stronger, deeper and more profitable customer relationships over the long term
through its leading positions in capital markets and wealth management," Lewis
said. "Countrywide helped "My strong feeling is that organizational integration - and a renewed focus on organic growth - will be the almost exclusive focus of our efforts in the coming years," Lewis said. "Our broad customer and client reach and geographic diversity form a powerful engine for revenue generation and earnings," Price said. "Our business diversity is equally important, providing balance as some businesses perform well while others are confronted with challenges." With the earnings power added from recent acquisitions including
Countrywide, Merrill, "As demonstrated by our history of revenue and earnings, and despite today's challenges, the model we have built is working, and we expect it to be even more powerful in the future," Price said.
Items of Business Voting Final Results
Directors % For % Against
William Barnet, III 93.19 6.81
Frank P. Bramble, Sr. 78.32 21.68
Virgis W. Colbert 85.64 14.36
John T. Collins 93.32 6.68
Gary L. Countryman 87.33 12.67
Tommy R. Franks 93.43 6.57
Charles K Gifford 92.58 7.42
Kenneth D. Lewis 67.33 32.67
Monica C. Lorenzo 75.34 24.66
Walter E. Massey 92.72 7.28
Thomas J. May 93.32 6.68
Patricia E. Mitchell 87.92 12.08
Joseph W. Prueher 85.69 14.31
Charles O. Rossotti 86.37 13.63
Thomas M. Ryan 84.06 15.94
O. Temple Sloan 62.60 37.40
Robert L. Tillman 75.66 24.34
Jackie M. Ward 71.79 28.21
Management Proposals % For % Against
Ratification of Accounting Firm 96.70 3.30
Executive Compensation (non-binding) 71.28 28.72
Shareholder Proposals % For % Against
Government Employment Disclosure 7.81 92.19
Executive Compensation Advisory Vote 40.08 59.92
Cumulative Voting 37.78 62.22
Special Stockholder Meetings 49.35 50.65
Independent Board Chairman 50.34 49.66
Credit Card Practices 33.38 66.62
Healthcare Reform Principles 7.52 92.48
Limits on Executive Compensation 26.77 73.23
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