Summary
This 8-K filing from Bank of America Corporation (BAC), dated June 28, 2006, primarily details changes to board compensation practices. Specifically, the Board of Directors approved an annual retainer of $30,000 for the lead director, effective immediately. This retainer is in addition to any existing compensation for other board and committee service.
Key Highlights
- 1Bank of America Corporation's Board of Directors approved a new compensation structure for its lead director.
- 2The lead director will receive an annual retainer of $30,000.
- 3This retainer is supplementary to any compensation received for general board or committee service.
- 4The Board also decided to discontinue the annual retainer for the chair of the Executive Committee.
- 5This change in the Executive Committee chair's retainer is due to an anticipated decrease in the committee's meeting frequency.