USA: the Shareholder Bill of Rights Act + Bank of America annual meeting

Senator Charles Schumer is planning to introduce a Shareholder Bill of Rights Act, the purpose of which is to give public company shareholders greater voice. An annual "say on pay" vote is proposed as is the annual election of directors. The requirement for separation of the roles of chairman and chief executive is also included in the Bill, an arrangement that shareholders in Bank of America narrowly - and surprisingly - secured last week at the bank's annual meeting: see here and here. A webcast of the meeting is available here. According to a recent report in the Financial Times newspaper, 61% of companies in the S&P 500 index combine the roles of chairman and chief executive.