BANK OF AMERICA CORPORATION | Audited Report on Impact of IEA Net-Zero Emissions by 2050 Scenario

Status
11.02% votes in favour
AGM date
Previous AGM date
Proposal number
6
Resolution details
Company ticker
BAC
Lead filer
Sierra Club Foundation
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • Fossil fuel financing
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
United States
Resolved clause
Shareholders request the Board of Directors issue an audited report on whether and how the fulfillment of the United Nations Environmental Program Finance Initiative (UNEP FI) recommendations to the G20 Sustainable Finance Working Group, and the International Energy Agency (IEA)’s Net Zero Emissions by 2050 Scenario (NZE), could affect underling assumptions in financial filings, such as the magnitude of stranded assets, declining commercial credit quality, or enhanced regulatory capital requirements. The Board should summarize its findings, completed at reasonable cost and omitting proprietary information, to shareholders by January 31, 2023. Proponents recommend that, in the discretion of board and management, the report be supported by reasonable assurance from an independent auditor and that the report take account of information on:
• Assumptions, costs, estimates, and valuations that may be materially impacted;
• The absence of need, according to UNEP FI and the IEA NZE pathway, for new fossil fuel development beyond projects already committed as of 2021.

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