Summary
This 8-K filing from Bank of America Corporation (BAC) details the outcomes of their 2021 Annual Meeting of Shareholders, held on April 20, 2021. The most significant event for investors is the shareholder approval to amend and restate the company's equity plan, now renamed the "Bank of America Corporation Equity Plan." This amendment increases the number of shares available for awards by 115 million, updates provisions related to Section 162(m) of the Internal Revenue Code, and extends the plan's expiration date. Additionally, the filing confirms the election of all director nominees, the approval of the advisory "Say on Pay" resolution regarding executive compensation, and the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2021. Importantly, several shareholder proposals focused on proxy access, action by written consent, organizational form, and racial equity audits were not approved by the shareholders.
Key Highlights
- 1Shareholders approved the amendment and restatement of the Bank of America Corporation Key Employee Equity Plan, renaming it the "Bank of America Corporation Equity Plan."
- 2The number of shares available for awards under the equity plan was increased by 115 million.
- 3The expiration date of the equity plan was extended from April 23, 2029, to April 19, 2031.
- 4All director nominees were elected by shareholders.
- 5The advisory vote on executive compensation ("Say on Pay") was approved.
- 6PricewaterhouseCoopers LLP was ratified as the company's independent registered public accounting firm for 2021.
- 7Several shareholder proposals, including those related to proxy access, written consent, organizational form, and racial equity audits, did not receive shareholder approval.