(Bloomberg) -- Bank of America shareholders should oppose a proposal allowing Chief Executive Officer Brian Moynihan to remain chairman, proxy advisor Glass Lewis & Co. said.

Moynihan, 55, became chairman in October after the second- largest U.S. lender amended shareholder-backed bylaws created in 2009 that require an independent chairman. The bank's investors are scheduled to vote Sept. 22 on a proposal that would ratify that change.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access