BofA alters bylaws on director nomination

Boston

BANK of America Corp joined a growing list of US companies that are changing their corporate governance rules to make it easier for shareholders to nominate directors, after talks with pension funds.

The bank said on Friday its amended bylaws would allow a single shareholder or a group of up to 20 shareholders, who own more than 3 per cent of the company's stock for at least three years, to nominate up to 20 per cent of the board's directors.