April 28, 2009 / 4:52 PM / 10 years ago

CalPERS opposes entire Bank of America board

NEW YORK, April 28 (Reuters) - CalPERS, the largest U.S. pension fund, said it opposes the reelection of all 18 members of Bank of America Corp’s (BAC.N) board of directors, including Chairman and Chief Executive Kenneth Lewis, citing the board’s role in the acquisition of Merrill Lynch & Co.

The influential fund, whose full name is the California Public Employees’ Retirement System, joins a growing list of institutional and individual shareholders opposing Lewis’ reelection. It said it controls about 22.73 million shares, roughly one-third of one percent shares outstanding.

CalPERS said it opposes the directors “for their role in allowing billions of dollars in bonuses to be paid to Merrill Lynch employees and for their role in failing to disclose to shareholders the true financial condition of Merrill Lynch prior to the consummation of the merger.”

The fund also said it favors a shareholder proposal to appoint an independent director as chairman. Bank of America is scheduled to hold its annual meeting on Wednesday in its hometown of Charlotte, North Carolina. Lewis has been chief executive since 2001 and chairman for most of that period. (Reporting by Jonathan Stempel; Editing by Andre Grenon)

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