If you're going to be in Charlotte on April 29th, the most entertaining show in town will be at the Belk Theater - Bank of America's annual meeting. The price of admission is only $8.73 (that's BofA's share price as of this moment). There are 11 items on the agenda including two competing say-on-pay proposals (via Corporate Counsel blog).It has been a long road to the final proxy. BofA has been the subject of at least ten no-action letters regarding shareholder proposals. Bad management decisions (cf Merrill Lynch) left BofA shareholders pretty ticked. It looked like the wind was behind a bunch of governance proposals (like the separation of chair and CEO: via Race to the Bottom) that usually get shut out of the party and end up hanging around outside trying to look tough. But, as has happended so frequently during this crisis, opposition appears to be crystallizing around personality instead of process.
Ken Lewis probably needs to go, but let's not take our eye off the ball (again) - this crisis won't get solved with pitchforks and flaming torches.
If you can't be in Charlotte, BofA reminds you that "you may listen to a live audiocast of the meeting on our website at http://investor.bankofamerica.com at 10:00 a.m., local time, on April 29, 2009."
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