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CalPERS said today it's voting its Bank of America Corp. stock against all 18 directors up for election at BofA's annual meeting, including Chairman and Chief Executive Ken Lewis.
Lewis has come under fire for failing to disclose losses at Merrill Lynch before BofA wrapped up its takeover of the investment firm in January.
Known as an activist investor, the California Public Employees' Retirement System owns 22.7 million shares in the giant bank, or about one-third of 1 percent.
"The entire board failed in its duties to shareowners and should be removed," CalPERS board President Rob Feckner said in a press release.
CalPERS also cited BofA's decision to approve $3.6 billion in bonuses to Merrill executives.
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Lewis has come under fire for failing to disclose losses at Merrill Lynch before BofA wrapped up its takeover of the investment firm in January.
Known as an activist investor, the California Public Employees' Retirement System owns 22.7 million shares in the giant bank, or about one-third of 1 percent.
"The entire board failed in its duties to shareowners and should be removed," CalPERS board President Rob Feckner said in a press release.
CalPERS also cited BofA's decision to approve $3.6 billion in bonuses to Merrill executives.
More...