David Solomon and Brian Moynihan will be retaining their dual roles as chair and CEO

Bank of America and Goldman Sachs shareholders rejected proposals to split the chair and chief executive roles, defying calls for improved corporate governance from proxy advisers. Proxy advisers Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co. (Glass Lewis) recommended stripping Goldman CEO David Solomon and BofA CEO Brian Moynihan of their chairmanship, which shareholders supported. Norway’s $1.6tn sovereign wealth fund, one of the world’s largest investors, supported the proposal.

The shareholder resolution to split the two jobs received a 33% favorable vote at Goldman Sachs and 31% approval at Bank of America, falling short of a majority in both cases.

On 30 April, Wells Fargo & Co. and Citigroup Inc. will hold their annual meetings, while Morgan Stanley’s shareholder meeting is scheduled for 23 May. JPMorgan Chase & Co. will hold its annual meeting on 21 May. Shareholder proposal No. 5 in the bank’s proxy statement urges for the separation of the chair and CEO roles.

Some of the most influential bosses on Wall Street are facing new proposals this spring that would remove their power by separating their CEO and chairman seats. In May, Jamie Dimon of JPMorgan Chase and Larry Fink of BlackRock will also face such proposals. Additionally, Citigroup shareholders will vote next week to formalize a CEO-chair split in its bylaws, even though the company has had an independent board chair since 2009.

Some well-known financial sector companies are facing proposals this year, including the insurance giants American International Group (AIG), Allstate Corporation (ALL), and Prudential Financial (PRU), as well as the NYSE parent company Intercontinental Exchange (ICE). The Cleveland regional bank KeyCorp (KEY) is also among those facing similar proposals.,

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