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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of New York Mellon Corporation | NYSE:BK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.34 | 0.60% | 56.83 | 56.83 | 56.51 | 56.53 | 51,403 | 14:33:36 |
By Saabira Chaudhuri
Bank of New York Mellon Corp.'s shareholders on Tuesday voted against a proposal that would have required Chief Executive Gerald Hassell to give up the role of chairman.
At the bank's annual meeting in New York City on Tuesday, 78% of shareholders voted against the proposal to split the roles of CEO and chairman, a measure that was also opposed by Bank of New York Mellon's board.
The proposal was presented by shareholder AFL-CIO Reserve Fund on Tuesday and disclosed in the bank's proxy statement last month. In response, Bank of New York Mellon's board had said it believed the "combined Chairman/Chief Executive Officer is in the best position to be aware of major issues facing our company, and to identify and bring key risks and developments facing the company to the Board's attention."
Separately on Tuesday, shareholders voted to approve the bank's executive pay program, while Mr. Hassell rejected calls to spin off the bank's asset management business at the annual meeting. Shareholders also elected all 13 nominees to serve on Bank of New York Mellon's board until the next annual meeting.
In a note to clients following the meeting, CLSA analyst Mike Mayo said "the jury may remain out on the willingness of BNY Mellon to pursue more aggressive restructuring", adding that Bank of New York Mellon's management declined to study the effect of spinning off its asset management business without a formal request from the board.
A spokesman for BNY Mellon said Mr. Hassell in his Tuesday presentation had "highlighted the benefits of investment management to the company's business model and client base and indicated that the company has examined a potential spinoff several times and found it would not enhance the investment management business or BNY Mellon over all."
The vote comes after Bank of New York Mellon on Monday said it was boosting its quarterly dividend by 13%, following the Federal Reserve's approval of its 2014 capital plan. The bank reports first-quarter earnings later this month.
Shares of Bank of New York Mellon were down 0.2% in recent after-hours trading. The stock has risen 23% in the past 12 months.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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