Bank of America (Merrill Lynch)

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

Corporate Bias Rating

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Risk Level:

Rating - Danger
High Risk

Summary:

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 scored a 100 on the 2023 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. By complying with the HRC’s controversial demands, Bank of America increases the risk of dividing employees, alienating customers and harming shareholders. The company covers transgender-related medical costs for its employees and their children and provides specific sexual orientation and gender identity-based benefits. It also uses sex and gender ideology criteria in employee recruitment, vendor selection, marketing, and philanthropic support. Bank of America forces employees to undergo multiple ideological trainings and uses its reputation, corporate funds, and political influence to support controversial sex and gender ideologies, organizations, and legislation. Bank of America provides a benefits package for employees which covers travel/lodging costs for an abortion and transgender medical procedures for covered employees and dependents, including children. The company pledged over a billion dollars to BLM and related causes. Bank of America is a corporate partner of the Human Rights Campaign (HRC) and funds multiple LGBT organizations. 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. The company is a Corporate Member of the Mid-America LGBT Chamber of Commerce. Bank of America donated to the Equality PAC. For these reasons, Bank of America receives a High Risk rating.

Board Bias

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CEO of Bank of America (Merrill Lynch)

Brian T. Moynihan

Brian T. Moynihan

Summary:

Headquartered in Charlotte, North Carolina, Bank of America (Merrill Lynch) is a member of the Fortune 250 operating in the Diversified Financials industry. Brian T. Moynihan and Brian T. Moynihan serve as CEO/President and Chairman, respectively, leading the company’s C-suite executive team and the board of directors. Amongst these teams, the collective leadership is responsible for $618,476 to Republican causes and $422,574 to Democratic causes. Under their tenure, Bank of America (Merrill Lynch) currently holds a 'High Risk' risk rating.

Political Contributions of Leadership:

$618,476

$422,574

Republican

Democrat

Shareholder Proposals

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Date
ESG Category
Proponent
Summary of ResolutionMgmt RecTotal Vote % in Favor
4/25/23GovernanceNational Legal and Policy CenterIndependent Board Chairagainst26.29%
4/25/23EnvironmentalNew York State Common Retirement FundAbsolute Greenhouse Gas Reduction Targetsagainst11.48%
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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