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Charles Holliday

BofA Executive Compensation Proxy Approved

Bank of America Corp. (BAC) shareholders on Wednesday approved a nonbinding proxy proposal on the bank's executive compensation and backed the entire slate of directors as the bank continues to move forward from an era of intense government scrutiny.Since 2011, the bank's shareholders have voted on executive compensation. Shareholders approved the company's payments to executives, including $12 million in cash and equity to Chief Executive Officer Brian Moynihan."Our work is not done," said Mr. Moynihan at the meeting near the bank's Charlotte, N.C., headquarters. But, he said, the company is "better positioned than ever. We have a clear strategy of growth."A shareholder resolution to limit board members' ability to serve on more than three boards was rejected. Two directors, including Chairman Charles Holliday, are members of three other boards.Other shareholder proposals, including limiting the use of treasury funds for campaign contributions, reviewing the company's foreclosure poli...

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