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Proxy advisers Glass Lewis and Institutional Shareholder Services on Friday said Bank of America (NYSE:BAC) should separate the chief executive and chairman roles held by Brian Moynihan.
“Appointment of a chair of the board who is independent of management, i.e. not also serving as CEO, is nearly always preferable to having a single individual lead both the board and the executive team,” Glass Lewis said in a report.
Moynihan in 2009 was named chief executive of the what is now the second-biggest U.S. bank. In 2014, he was appointed as chair.
The proxy advisers this month also recommended that Goldman Sachs Group (GS) divide its CEO and chair positions. David Solomon currently holds both jobs. The advisers also said shareholders should vote against the bank’s compensation plan for executives.
Bank of America (BAC) on April 24 will host its yearly shareholder meeting.