April 30, 2010
First-Time Resolution on Derivatives Wins 39% of Shareowner Vote at Bank of America
by Robert Kropp
Strong support for resolution follows a 30% vote in favor at Citigroup; votes at Goldman Sachs and
JP Morgan Chase are next.
Stating that “For many years, the proponents have been concerned about the long-term consequences
of irresponsible risk in investment products,” a shareowner resolution requesting that Bank of
America report to shareowners on its policy regarding “the use of initial and variance margin
(collateral) on all over the counter derivatives trades” won 39% of the vote at the company’s
annual meeting yesterday.