Summary by Futu AI
On April 24, 2024, Bank of America Corporation held its Annual Meeting of Shareholders where a significant decision was made to amend and restate the Bank of America Corporation Equity Plan. The amendment, approved by shareholders, will increase the number of shares available for grant by 100 million. This change is intended to allow the company to continue its practice of granting equity-based awards in lieu of cash, which is a key component of its compensation strategy. The Plan's terms remain substantially unchanged, maintaining features such as a minimum vesting requirement and no automatic single-trigger vesting upon change in control. The additional shares are expected to sustain the company's grant practices for approximately one more year. The meeting also saw the election of all director nominees, approval of executive compensation, and ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2024. However, several shareholder proposals, including those related to de-banking risks, lobbying alignment with climate goals, and clean energy financing disclosure, were not approved.