Proxy Adviser ISS Urges Investors To Reject CEO Brian Moynihan’s Pay Package

Proxy adviser Institutional Shareholder Services (ISS) has advised investors to vote against Bank of America’s executive compensation package, including Chief Executive Officer (CEO) Brian Moynihan’s USD 35 million pay for last year.

The recommendation was based on concerns about the process used to determine the compensation, particularly the use of discretionary decisions and limited disclosure. ISS stated that the process limits a full evaluation of the program’s structure and the basis for pay decisions. Moynihan’s pay rose about 21%, which ISS said aligns with performance, but transparency issues remain. A Bank of America spokesperson referred to the company’s proxy statement, which credited Moynihan with revenue and income growth. Separately, proxy adviser Glass Lewis had supported the bank’s executive pay plan in an earlier recommendation.