Bank of America (Merrill Lynch)

Merrill Lynch Pierce Fenner & Smith Incorporated
North Carolina
Banks, Diversified Financials

Corprate Bias Ratings

Risk Level:

Rating - Danger
High Risk

Bank of America, representing its affiliates such as Merrill, has terminated business with several customers, especially ones with conservative viewpoints. It has ended business relationships with firearm manufacturers, private prisons, and private citizens. Bank of America covers the cost of "medically necessary transition-related care" for its employees and their children and pledged over a billion dollars to BLM and related causes. The company is a corporate partner of the Human Rights Campaign (HRC) and funds multiple LGBT organizations. The company discriminates against religious nonprofits in its charitable giving and fails to protect its employees from viewpoint discrimination. It also uses its corporate reputation and funds to advance critical race theory. It is a signatory of the Business Roundtable's 2019 Statement on the Purpose of Corporation, which promotes stakeholder capitalism. Bank of America is part of Glasgow's Net Zero Alliance, committed to carbon neutrality by 2040. For these reasons, Bank of America receives a High Risk rating.

Criteria
Risk Level
Rationale
Corporate Weaponization
Criteria

Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level
Rationale

Bank of America stopped lending to private prisons and immigrant detention facilities and stopped doing any business with certain firearm manufacturers (1)(2)(3). The bank also voluntarily turned over its clients’ private financial information to the Federal Government after January 6, 2021 (4). Bank of America closed the bank account of a Tennessee-based nonprofit doing ministry in Uganda; the nonprofit accused Bank of America of canceling them for their religious views and is represented by the legal group Alliance Defending Freedom (5). The office of Senator Ted Cruz investigated Intuit Quickbooks for its policy prohibiting gun manufacturers from using its services, and Intuit “clarified that Bank of America required it to prohibit gun manufacturers from using QuickBooks payroll services” (6). Bank of America received a score of 100 on the Corporate Equality Index from the Human Rights Campaign (7). Among other requirements, this means the bank has pledged to vet vendors based on LGBTQ policies.

Criteria

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level
Rationale

Bank of America will not match employee donations to “any organization whose purpose is to promote or to discourage the observance or proselytization of religious beliefs” (1). To receive any grant from Bank of America, organizations must also have certain LGBTQ nondiscrimination protections (2)(3).

Criteria

Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.

Risk Level
Rationale

Bank of America does not provide viewpoint protections for its employees (1).

Corporate Governance and Public Policy
Criteria

Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.

Risk Level
Rationale

Bank of America advocates for the Equality Act and voiced opposition to various state legislatures’ voting integrity laws (1)(2). Bank of America CEO Brian Moynihan also opposed the 2016 NC Bathroom Bill, HB2, which would force people to use the bathroom of their biological gender (3). Moynihan is the Chairman of the International Business Council of the World Economic Forum, which works to develop “Stakeholder Capitalism Metrics” for ESG goals (4)(5). Bank of America embraces ESG frameworks for investing and operating, including the Stakeholder Capitalism Metrics contrived by the International Business Council (6). Bank of America even funded and implemented a 21-day race-training course for its employees that taught critical race theory content such as “become woke at work,” instructing white employees, in particular, to “decolonize your mind” and “cede power to people of color” (7). Bank of America is part of the Net Zero Banking Alliance, a Ceres Network Member, and a PCAF Member committed to carbon neutrality by 2040 (8)(9)(10)(11). Representing the company, Moynihan has also spoken out against election security bills in Georgia and Texas and endorsed partisan legislation such as increased corporate tax rates (12). Bank of America has signed the OneTen pledge to emphasize race in its hiring practices (13). Bank of America has also signed the CEO Action for Diversity and Inclusion pledge (14). Bank of America CEO Brian Moynihan is a member of the Business Roundtable and signed its 2019 Statement on the Purpose of Corporation, which promotes stakeholder capitalism over traditional obligations to shareholders and customers (15)(16).

Criteria

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level
Rationale

Bank of America has funded Planned Parenthood and the Southern Poverty Law Center (1)(2). In fact, Bank of America has pledged over a billion dollars to the Black Lives Matter movement and related causes (3)(4). Before the Supreme Court overturned Roe v. Wade, Bank of America’s CEO called abortion “settled law” and stated that the bank would discuss funding employee abortions in states that restrict procedures (5). After the ruling, Bank of America started to provide reimbursement for abortion travel (6). Bank of America is a bronze partner of the HRC, a titanium sponsor of Out and Equal, and a corporate partner of the National LGBT Chamber of Commerce (7)(8)(9). Bank of America has a perfect score on the HRC’s 2022 Corporate Equality Index. This score indicates the company covers the cost of “medically necessary transition-related care” for its employees and their children (10)(11).

Criteria

Uses corporate political contributions for ideological, non-business purposes.

Risk Level
Rationale

Bank of America donated to the Equality PAC (1)(2).

All links were last accessed and all information was updated on:
November 28, 2023

Company reports are intended for educational use only. Full Disclaimer

Voting History

Date
ESG Category
Proponent
Summary of ResolutionMgmt RecTotal Vote % in Favor
4/28/23GovernanceNational Legal and Policy CenterRequire an Independent Board ChairmanAgainst26.30%
4/28/23EnvironmentalNew York State Common Retirement FundReport on GHG Emissions Reductions TargetsAgainst11.50%
4/28/23GovernanceJohn CheveddenRequire Shareholder Approval of Termination PayAgainst7.70%
4/25/23EnvironmentalAs You SowClimate Transition PlanningAgainst28.50%
4/25/23SocialSOC Investment GroupRacial Equity AuditAgainst15.20%
4/25/23EnvironmentalTrillium Asset ManagementAdopt Policy to Cease Financing New Fossil Fuel SuppliesAgainst9.00%
4/26/22EnvironmentalTrillium Asset ManagementAdopt Fossil Fuel Lending Policy Consistent with IEA's Net-zero 2050 ScenarioAgainst11.02%
4/26/22SocialNational Legal and Policy CenterReport on Charitable DonationsAgainst3.36%
4/26/22SocialNational Center for Public Policy ResearchCivil Rights and Non-Discrimination AuditAgainst2.12%
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