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Bank of America shareholders approve executive pay

Members of the Ramirez family from Oakland (L-R) Emily, 15, Margarita and Marcus, 4, hold signs outside the Bank of America uptown headquarters before the Bank of America annual shareholder meeting in Charlotte, North Carolina May 9, 2012.

JASON MICZEK/REUTERS

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.

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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.

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