One of the biggest pension funds in the world is going on the offensive against Brian Moynihan and Bank of America, and reaching far back into its playbook to do so.
The California State Teachers’ Retirement System (CalSTRS) earlier this month sent a letter to Bank of America detailing its opposition to the plan to install CEO Brian Moynihan as chairman.
It also sent the Securities and Exchange Commission a copy of the letter – a move that allows CalSTRS to take its argument to other shareholders and try and sway opinion against the leadership consolidation plan. That’s something it hasn’t done in at least two years.
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