“Shareholders in Bank of America supported the election of all 15 nominees to the board despite investor calls to punish directors with audit responsibilities in the wake of an embarrassing accounting error that forced the bank to suspend its dividend and share buyback plans.

“PwC, the external auditor, was also backed at the annual shareholders meeting despite opposition from two Californian pension funds as well as a recommendation from Glass Lewis, the shareholder advisory firm, to vote against it.

“The bank’s executive pay plans for 2013 received 93 per cent of votes in favour.

“At a packed conference hall in Charlotte, North Carolina, Brian Moynihan, chief executive, Bruce Thompson, chief financial officer, and Chad Holliday, chairman, fielded questions on the error that led the bank to overstate its capital by $4bn and prompted the Federal Reserve to suspend its plans for bigger dividends and buybacks. “It was disappointing for all of us,” Mr Moynihan said.”