Investing.com -- Bank of America shareholders gave their approval on Tuesday to the compensation packages of CEO Brian Moynihan and other top executives at the bank. This decision was made despite the advice from proxy adviser Institutional Shareholder Services, which had suggested investors to vote against the payouts, citing issues with the compensation setting process.

CEO Brian Moynihan received a pay package of $35 million for the previous year, marking a rise of approximately 21%. The bank’s board attributed this increase to Moynihan’s role in enhancing the bank’s net income by 2.3% and elevating revenue by 3.4% last year.

In addition to approving the pay packages, the shareholders also elected 14 directors to the bank’s board. The names of these directors were not provided in the context. These decisions, both regarding the executive compensation and the board elections, demonstrate the shareholders’ confidence in the current leadership of the bank.

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