(Reuters) – Trusted advisers Glass Lewis and Institutional Shareholder Services (ISS) on Friday called on Bank of America to separate the CEO and chairman positions held by Brian Moynihan.
“Appointing a board chairman who is independent from management, meaning he does not double as CEO, is almost always preferable to having one person leading both the board and the executive team,” Glass Lewis said in a note.
The second-largest US bank appointed Moynihan as CEO in 2009, and in 2014 he was named chairman.
Earlier this week, advisers also called on Goldman Sachs to split the CEO and chairman positions held by David Solomon and called for a further break with management, calling on shareholders to scrap the bank’s executive compensation plans.
Since the 2008 financial crisis, investors seeking better risk oversight have led efforts to separate the chairman and CEO roles at Goldman and other Wall Street giants such as JPMorgan Chase (NYSE:).
Banks have often fought back by making other changes, such as giving new powers to the lead independent director, which Goldman also did in 2013.