Ahead of Bank of America's annual shareholder meeting on April 29, proxy agencies and a large shareholder are suggesting the bank's board needs a complete overhaul, including voting out chairman and chief executive Kenneth Lewis. The agencies cite insufficient due diligence and disclosures related to the Merrill Lynch merger.
San Francisco-headquartered Glass Lewis notes that discussions about a combine between the two firms were initiated by Merrill's CEO, John Thain, on September 13, 2008, and agreed by Lewis just two days later on September 15. At issue are i if BoA conducted sufficient due diligence to fully understand the state of Merrill's capital position ii the timing of the public disclosure of Merrill's...
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