UPDATE 1-CalPERS calls for ouster of Bank of America board

[bemildred]

Source: Reuters

BEVERLY HILLS, Calif., April 28 (Reuters) - CalPERS, the biggest U.S. public pension fund, said on Tuesday it will vote against reelecting all 18 members of Bank of America Corp's (BAC.N: Quote, Profile, Research) board of directors, including Chairman and Chief Executive Kenneth Lewis, at the company's annual meeting on Wednesday.

CalPERS, which controls 22.73 million shares or about one-third of one percent of the bank's shares outstanding, said it made its decision to protest the board's role in the acquisition of of Merrill Lynch.

"They failed their duty to shareholders particularly with respect to the Merrill Lynch acquisition and the bonuses to Merrill Lynch executives," CalPERS Chief Investment Officer Joseph Dear told Reuters in an interview.

The influential fund, whose full name is the California Public Employees' Retirement System, joins a growing list of institutional and individual shareholders opposing Lewis' reelection.

Read more: http://uk.reuters.com/article/marketsNewsUS/idUKN2834237320090428

[Turbineguy]

1. What comes first?

Ego or shareholders?

[ProgressiveProfessor]

2. With CALPERS itsa major case of PKB

[xchrom]

3. recommend