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.
Follow us on Twitter: