Bank of America CEO Brian Moynihan’s 2017 compensation was 250 times more than the total pay of the bank’s median employee, according to the company’s annual proxy filing Monday.
The Charlotte bank and other public companies for the first time are disclosing the ratio of their CEO’s pay to the median employee. The requirement, stemming from the 2010 Dodd-Frank Act, aims to give investors more information about executive pay practices at these companies.
Moynihan, CEO since 2010, received total compensation of $21.8 million in 2017, which includes stock awards and health insurance benefits. That compared with $87,115 for the median employee, according to the filing.
On Friday, Charlotte-based Duke Energy said that CEO Lynn Good’s compensation of $21.4 million was 175 times more than the median compensation of approximately $122,000 for other employees.
Bank of America said it calculated its median employee pay by using base salary as of October 1 and estimated overtime, plus cash bonuses for 2016 and stock awards granted in 2017.
“We invest in our employees at all levels in the company by rewarding performance that balances risk and reward, empowering professional growth and development, and by offering affordable benefits and programs that meet the diverse needs of our employees and their families,” the company said in the filing.
The amount used for Moynihan was based on Securities and Exchange Commission requirements that count compensation during a calendar year. That’s a slightly different figure from the $23 million in compensation the bank disclosed in February. That total is based on pay awarded for his 2017 performance, which includes stock awards granted in 2018.
Monday’s filing also disclosed total compensation for four other top bank executives: chief financial officer Paul Donofrio ($12.2 million), chief risk officer Geoffrey Greener ($11.4 million), vice chairman Terry Laughlin ($11.1 million) and chief operating officer Tom Montag ($18.5 million).
Bank of America’s annual shareholder meeting, which will include an advisory vote on executive pay and the election of directors, will be held April 25 at the Hilton Charlotte Center City.