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.
Frequently Asked Questions
The main purpose of this 8-K filing is to report on decisions made by Bank of America Corporation's Board of Directors regarding director compensation, specifically the introduction of a retainer for the lead director and the discontinuation of a retainer for the Executive Committee chair.
The lead director will receive an annual retainer of $30,000, in addition to any other compensation for their board and committee service.
The annual retainer for the chair of the Executive Committee is being discontinued because the Board anticipates that the committee will meet less frequently in the future.
No, this filing is solely related to internal governance and board compensation practices. It does not provide information about broader business strategy changes.