CalPERS Votes Against Bank of America Board of Directors

“The entire board failed in its duties to shareowners and should be removed,” said CalPERS Board President Rob Feckner. He noted the poor condition of the company, the failure by directors to disclose the extent of Merrill Lynch’s losses prior to consummation of the merger, the payment of billions of dollars to Merrill executives in bonuses for failure, and the failure of the board to act in the best interests of shareowners in overseeing management.

At the company’s April 29 annual meeting, CalPERS will withhold votes for Lewis; Temple Sloan Jr., lead director, Compensation Committee chairman; Thomas Ryan, Nominating & Governance Committee chairman; and directors Jackie Ward, Robert Tillman, Monica Lozano, Walter Massey, Thomas May, Patricia Mitchell, William Barnet, III, Frank Bramble, Sr., John Collins, Gary Countryman, Tommy Franks, and Charles Gifford. CalPERS also opposes Merrill Lynch directors who were added in January 2009: Virgis W. Colbert, Joseph Prueher, and Charles Rossotti.

If the board is removed, CalPERS believes that a special election should be called to place a new slate of directors on the board in an orderly and effective manner. As a long-term shareowner, CalPERS is willing to assist the company in this process.