This excerpt taken from the BAC DEF 14A filed Mar 18, 2009.
ITEM 11: STOCKHOLDER PROPOSAL REGARDING LIMITS ON EXECUTIVE COMPENSATION
The Corporation has received the following stockholder proposal from the Indiana Laborers Pension Fund (the ILPF), P.O. Box 1587, Terre Haute, Indiana 47808. According to information provided to the Corporation by the ILPF, the ILPF owned 38,675 shares of our Common Stock as of the date the proposal was submitted to the Corporation.
Resolved: Given that Bank of America Corporation (Company) is a participant in the Capital Purchase Program established under the Troubled Asset Relief Program (TARP) of the Economic Emergency Stabilization Act of 2008 (Stabilization Act) and has received an infusion of capital from the U.S. Treasury, Company shareholders urge the Board of Directors and its compensation committee to implement the following set of executive compensation reforms that impose important limitations on senior executive compensation: