BofA Merrill Lynch to Drop Proxy Advisers by 2027
Bank of America unit Merrill Lynch plans to stop using proxy advisers beginning in 2027. The move follows similar steps by other major banks handling shareholder voting internally.
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Bank of America Corp's Merrill Lynch unit will end its use of proxy advisers by January 2027, bringing proxy voting in-house for clients. The decision follows similar moves by other major United States financial institutions amid ongoing scrutiny from business leaders and politicians. Proxy advisory firms have faced criticism for placing excessive emphasis on social and environmental issues.
