Brian T. Moynihan, chairman and CEO of Bank of America Corp. (BOA) has been rewarded with a pay package worth $16 million for the year 2015. The 23% hiked pay package has appeared as recognition for his contributions to the second largest bank in the US by assets during last year.

Moynihan has received $14.5 million in stock grants for 2015 while his salary remains unchanged at $1.5 million. He has received a $13 million pay package from the Charlotte, North Carolina based bank, a year earlier, reports Bloomberg quoting a regulatory filing of the bank on Friday.

However, Moynihan hasn't received a cash bonus for the years 2015 and 2014. The CEO has won a proxy battle over retaining chairman title in addition to his CEO role which ended in voting by the shareholders during last fall. 63% shareholder voters have opined in favor of him for holding both the title, according to a report published in the Business Insider.

The bank has reported its biggest annual profit during 2015, within nearly a decade. The profit earning has probably put an end to its crisis era riddled leaving behind legal and regulatory headaches. Meanwhile, fall in annual revenue has drawn questions over Moynihan's ability to run while keeping to cutting costs, reports The Wall Street Journal.