Canada pension fund votes against Bank of America bylaw changes

Tue Sep 22, 2015 7:53am EDT
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BOSTON, Sept 22 (Reuters) - The Canada Pension Plan Investment Board said on Tuesday it has voted its large stake in Bank of America Corp against bylaw changes allowing the bank's chief executive officer, Brian Moynihan, to also serve as chairman.

The Charlotte-based bank will hold a special shareholder meeting Tuesday morning on bylaw changes it made last year to allow the roles to be combined, sparking protests from some investors who say the roles should remain separated to provide more oversight.

The Canada Pension Plan Investment Board controls 103 million shares of the bank, making it the largest investor thus far to declare its intentions in the closely watched vote. (Reporting by Ross Kerber; Editing by Jeffrey Benkoe)