Bank of America Corp.’s shareholders approved a pay package for senior executives at the company’s annual meeting.
Bank of America Chief Executive Brian Moynihan was awarded total compensation of $8.1-million in 2011, up from $1.9-million in 2010.
He received no cash bonus and most of his stock would pay out only if the company attained performance goals. ISS Proxy Advisory Services and Glass Lewis & Co, which advise large shareholders on how to vote at annual meetings, backed Bank of America’s pay plan.
Executive compensation has become a hot issue during this year’s annual meeting season after Citigroup Inc shareholders rejected that company’s pay plan.
Separately, Bank of America shareholders voted down all proposals suggested by shareholders.