Bank of America (Merrill Lynch)
Corporate Bias Rating
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Risk Level:
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, the company increases the risk of dividing employees, alienating customers and harming shareholders. 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. 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's Chairman and CEO signed Catalyst's Champions for Change pledge. The company pledged over a billion dollars to BLM and related causes. Bank of America is a corporate partner of the HRC. 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 over traditional shareholder obligations. 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.
Board Bias
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CEO of Bank of America (Merrill Lynch)
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 Resolution | Mgmt Rec | Total Vote % in Favor |
---|---|---|---|---|---|
4/25/23 | Governance | National Legal and Policy Center | Independent Board Chair | against | 26.29% |
4/25/23 | Environmental | New York State Common Retirement Fund | Absolute Greenhouse Gas Reduction Targets | against | 11.48% |
4/28/23 | Governance | National Legal and Policy Center | Require an Independent Board Chairman | Against | 26.30% |
4/28/23 | Environmental | New York State Common Retirement Fund | Report on GHG Emissions Reductions Targets | Against | 11.50% |
4/28/23 | Governance | John Chevedden | Require Shareholder Approval of Termination Pay | Against | 7.70% |
4/25/23 | Environmental | As You Sow | Climate Transition Planning | Against | 28.50% |
4/25/23 | Social | SOC Investment Group | Racial Equity Audit | Against | 15.20% |
4/25/23 | Environmental | Trillium Asset Management | Adopt Policy to Cease Financing New Fossil Fuel Supplies | Against | 9.00% |
4/26/22 | Environmental | Trillium Asset Management | Adopt Fossil Fuel Lending Policy Consistent with IEA's Net-zero 2050 Scenario | Against | 11.02% |
4/26/22 | Social | National Legal and Policy Center | Report on Charitable Donations | Against | 3.36% |
4/26/22 | Social | National Center for Public Policy Research | Civil Rights and Non-Discrimination Audit | Against | 2.12% |
In the News
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