CalPERS and CalSTRS, two of the largest pension funds in the US, have said they will vote against the re-election of all 18 directors of the Bank of America (BoA), including Chairman and CEO Ken Lewis, at todays annual shareholder meeting.
Proxy advisers Glass Lewis & Co., RiskMetrics Group Inc. and Egan-Jones Proxy Services, are all against Lewiss re-election. Illinois State Investment Board will also vote its 1.5 million shares against the Chairman’s re-election.
Lewis is under fire for not disclosing the extent of Merrill Lynch losses before BoA shareholders voted to purchase the bank in December 2008.