- The board’s unilateral consolidation of chairman and CEO roles, without a shareholder vote at the time.
- The fact that the lead director at the time called the move “thorough and thoughtful.”
- Pay raises for the board of directors that came only six weeks after the May 2015 annual meeting.
- An intentional lack of transparency when it comes to board decisions, including the October 2014 vote to combine CEO and chairman roles.
- The lead director’s lack of bank regulatory experience, visibility, and balance.
- There are no timeframes for key financial targets.
- There is no scorecard for compensation.
- Inconsistent financial metrics in the CEO letter and presentations.
- The fact that the bank has seen four CFOs, four chief risk officers, and four heads of wealth management in just eight years.
- The lack of “self-criticism” despite poor performance, including poor return-on-equity and poor stock performance.
- http://finance.yahoo.com/news/mayo-10-reasons-bank-america-143231111.html