The Securities and Exchange Commission has approved New York City pension funds’ request to proceed jointly with a shareholder proposal at two bank that seeks an independent review of mortgage and foreclosure practices, Pensions & Investments reports. Citigroup and Bank of America had sought rulings from the commission to exclude the proposals from their proxy statements.
An independent review of bank foreclosure practices is needed to reassure shareholders and protect pensioners and taxpayers,” said New York City Comptroller John Liu, adds The Wall Street Journal. Citi’s annual meeting is scheduled for April 21, while BofA’s meeting date is yet to be set.
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