(Bloomberg) -- Bank of America Corp. will allow some long-term investors to nominate candidates for its board of directors, the latest company to adopt “proxy access” rules pushed by pension funds.
Groups of investors who have owned at least 3 percent of the bank’s stock for three years will now be able to propose candidates for the board, the Charlotte, North Carolina-based bank said Friday in a regulatory filing. Bank of America said it will include those candidates in the ballots -- known as proxies -- that it sends to investors.
Pension funds have been pushing companies to adopt such rules after the near-collapse of the U.S. financial system showed some corporate boards weren’t doing a good job of overseeing risks. Bank of America adopted the rules after talks with pension funds in California and New York, according to New York City Comptroller Scott Stringer, who’s responsible for more than $160 billion in retirement funds.
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