BANK OF AMERICA CORPORATION | Director votes - climate oversight at BANK OF AMERICA CORPORATION

Status
Voted
AGM date
Previous AGM date
Proposal number
1
Resolution details
Company ticker
BAC
Submitted by
-
Resolution ask
Strengthen board oversight of issue
ESG theme
  • Environment
ESG sub-theme
  • Fossil fuel financing
Type of vote
Director vote
Filer type
Management
Company sector
Financials
Company HQ country
United States
Whereas clause
For failure to provide adequate oversight and transparency, votes are warranted against the following
members of BoA’s Corporate Governance, ESG, and Sustainability Committee for failure to align the bank’s
strategies with 1.5˚C pathways:
Sharon Allen,
Frank Bramble,
Denise Ramose,
Thomas Woods,
Maria Zuber.
Supporting statement
Climate votes initiative by the Sunrise Project investor brief on director votes (see page 9): In cases where directors fail to transform business practices in line with 1.5°C pathways, votes against board directors are warranted. Banks that have failed to adopt policies necessary to align lending and underwriting with 1.5°C scenarios have directors who are ill-equipped to lead companies along necessary decarbonization pathways. At such companies, investors are encouraged to vote against directors responsible for climate oversight. https://climate-votes.org/wp-content/uploads/2023/03/CV_Investor_Brief23-V3.pdf


Bank of America has unacceptably high exposure to climate risk. BoA continues to be one of the top global
financiers of fossil fuel expansionists, does not contribute its fair share toward financing climate solutions, and
does not disclose adequate information on climate risk or associated business strategies to investors. This
position comes despite years of engagement from investors and stakeholders, publicly committing to both net zero alignment and to financing climate solutions, and growing regulatory pressure. https://climate-votes.org/wp-content/uploads/2023/03/Bank-of-America.pdf

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