ALBANY – The Securities and Exchange Commission has rejected shareholder proposals from New York’s comptroller that would have asked two major banks to disclose which employees are capable of exposing them to major losses because of their portfolios and bonus incentives.
SEC staff told Wells Fargo and Bank of America in recent letters “there appears to be some basis” for their view that the disclosures would apply to ordinary business operations and can be excluded from shareholder voting. Both banks sought SEC permission to keep New York Comptroller Thomas DiNapoli’s proposed resolutions out of their proxy statements.
