April 29, 2009 in Business

Pension fund to vote against BofA board

Associated Press
 

CHARLOTTE, N.C. – The California Public Employees’ Retirement System, the largest U.S. public pension fund, said Tuesday it will vote against re-electing all 18 Bank of America Corp.’s board members, including Chairman and Chief Executive Ken Lewis.

CalPERS, an influential fund, says Lewis and the board failed to disclose information on Bank of America’s acquisition of New York-based investment bank Merrill Lynch & Co. The group also opposes the more than $3.6 billion in bonuses paid ahead of schedule to Merrill employees before the deal was completed, even as Charlotte-based Bank of America was begging the government for aid to complete the acquisition.

“The entire board failed in its duties to shareowners and should be removed,” said Rob Feckner, CalPERS board president, in a statement.

A Bank of America spokesman was not available for comment.

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