(Reuters) - Bank of America Corp said on Friday its board had approved Chief Executive Brian Moynihan’s incentive compensation for 2017.
Moynihan’s 2017 equity incentive award has been raised to $21.5 million from $18.5 million in 2016.
However, he received no cash bonus for 2017 and his annual base salary remains unchanged at $1.5 million, the company said.
Moynihan’s compensation comprises base salary, time-based restricted stock units (RSUs) and performance RSUs that will be paid only if Bank of America meets specific financial goals.
Reporting by Nikhil Subba in Bengaluru