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PE firm co-CEO nominated to BNY Mellon's board

Bank of New York Mellon Corp. is asking shareholders to elect Steven Black to its board.

Black is co-CEO of private equity firm Bregal Investments and a board member of Nasdaq Inc., according to the company's proxy statement.

The company additionally noted in the filing that board member John Luke Jr. is not standing for re-election. Luke is nonexecutive chairman of WestRock Co. and is on the board of Timken Co. and Dominion Midstream Partners LP.

BNY Mellon also asked shareholders to reject a proposal that would allow them to take action by written consent and another that would require the board to review and report on its policies and proxy voting record on climate change.

The company argued that the written consent process "is less transparent and less democratic" than a shareholder meeting, and that a nearly identical proposal regarding climate change policies had been rejected at the 2017 annual meeting.

The proposal for written consent was submitted by Kenneth Steiner, who beneficially owns at least 500 BNY Mellon common shares. The climate change policy report proposal will be introduced by Friends Fiduciary Corp., which holds more than $2,000 of BNY Mellon common stock, and was co-filed by Daniel L. Altschuler 1986 Trust IMA and Mercy Investment Services Inc.

BNY Mellon also disclosed a CEO pay ratio of 354 to 1. CEO Charles Scharf received $19.8 million in total compensation in 2017. The median employee compensation was $55,970.