Finally–Shareholders Take Action
The investment group, Finger Interests Number One, Ltd., owns a small block of Bank of America stock, and has charged, in a regulatory filing, that the board of directors of Bank of America ignored shareholder interests when they approved the purchase of Merrill Lynch & Co.
Now, three board members; Ken Lewis, CEO; O. Temple Sloan, lead director; and Jackie Ward, director, are up for reelection, and the investment group is asking shareholders to vote these incumbents out and bring in new blood. The election of board members will take place at the Bank of America annual meeting in late April.
It is about time shareholders discarded their complacency and started fulfilling their obligations as “owners” of companies–especially those “owners” of failing companies. Makes one wonder what role shareholders played in the current crisis on Wall Street. I wonder how many shareholders actually spoke out during the nomination for board members–or even voted for that matter.
Have you looked closely at your portfolio lately?
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