FILE PHOTO - Brian T. Moynihan, Chairman and Chief Executive Officer of the Bank of America Corporation, attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2018. REUTERS/Denis Balibouse

(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.