BoA has received extensive US government support in 2009. It is a publicly listed bank.
about Bank of America
Bank of America is one of the world's largest financial institutions, In the US, BoA is serving approximately 55 million consumer and small business relationships with more than 6,100 retail banking offices. BoA operates in more than 150 countries. It is listed on the New York Stock Exchange. Bank of America owns Merrill Lynch oficially since January 2009.
The CDP impels organisations to record their carbon footprint in daily activities. Encouraging enterprises to calculate and disclose their carbon impact, this initiative highlights the challenge for financial institutions to determine exactly how much carbon output can be attributed to financing.
Voluntary framework to guide the finance sector in tackling the challenge of climate change. They address the management of operational greenhouse gas (GHG) emissions and provide direction on managing climate change in research activities; asset management; retail banking; insurance & re-insurance; corporate banking; investment banking & markets; project finance.
The EPs are a set of guidelines, based upon the Performance Standards and guidelines from the IFC, the World Bank's private sector lending arm for private banks to asesses and mitigate risks in project finance. Banks use the Principles to guide internal operating procedures for transaction for specific projects. Although the EPs are an important step to raise overall standards of financiers and projects in the developing world, they currently fall short on transparency and governance requirements.
The verification and full publication of company payments and government revenues from oil, gas and mining is supported by the EITI. Financial institutions can participate and encourage resource-rich countries to support the initiative that aims to defeat poverty, corruption and conflict caused by weak transparency and accountability.
As the name suggests, the GRI aims to standardise good practice in transparency. GRI provides companies with guidelines to organise their annual report with reporting indices and standards addressing environmental, social and economic issues that business ought to address when telling the world about its performance.
The UN Global Compact is a set of ten principles that companies may sign voluntarily. Signatories promise to avoid complicity in human rights violations, adhere to labour standards, protect the environment and avoid corruption. The G8 countries urge companies to participate in this initiative, and with over 2900 companies signing up, the Global Compact has momentum. A voluntary and network based framework, the Global Compact actively promotes peer review and stakeholder participation.
UNEP is the 'voice of the environment' for the United Nations system, promoting international cooperation in the field of the environment. Issues concerning the financial community are addressed by the UNEP Finance Initiative which promotes investment in clean and renewable energy by financial institutions and other investors. Financial insititutions wishing to join must sign one of two Statements (for financial institutions and a separate one for the insurance industry).
UNPRI is a set of six principles direct institutional investors may adopt to consider environmental, social and corporate governance issues when investing. Voluntary and aspirational in nature, UNPRI has since its inception in 2006 attracted 200 signatories, representing US$8 trillion worth of investments.
Since the turn of the century a group of twelve banks known as the Wolfsberg Group have collaborated to improve ethical standards. The principles provide guidance on money laundering, corruption and the financing of terrorism. They have been produced to address deficiencies in areas 'yet to be fully articulated by lawmakers or regulators'.
Bank of America has also developed additional sustainability policies. You can find them below, or under 'documents' in the menu.
For more and detailed information about this sector, have a look at the agriculture sector page
scoring method
The bank is active in this sector but has no investment policy for this sector;
The bank: has
only adopted or signed onto a voluntary standard or initiative (relevant for
this sector); or has
developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has
developed its own policy and: this
includes the essential elements in its lending and investment banking; or
this
includes the essential elements in its asset management;
The bank has
developed its own policy and: this
includes the essential elements in its lending and investment banking as well
as its asset management; or
this
includes both the essential and additional elements in its lending and
investment banking; or this
includes both the essential and additional elements in its asset management;
The
bank has developed its own policy and this includes both the essential and
additional elements in its lending and investment banking as well as its asset
management
When
the bank does not have an integrated agriculture policy but has policies on
individual commodities, we will assess these policies individually and score
them as a whole as described above. It is important for the specific commodity
policies that they follow the commodity specific international standards listed under 'best practice' at the agriculture sector page and include at least the essential elements described.
For more and detailed information about this sector, please have a look at the arms trade sector page
scoring method
The bank is active in this sector but has no investment policy for this sector;
The bank: has only adopted or signed onto a voluntary standard or initiative relevant for this sector; or has developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has developed its own policy and this includes the essential elements in its lending and investment banking; orthis includes the essential elements in its asset management
The bank has developed its own policy and this includes the essential elements in its lending and investment banking as well as its asset management; or this includes both the essential and additional elements in its lending and investment banking; or this includes both the essential and additional elements in its asset management;
The bank has developed its own policy and this includes both the essential and additional elements in its lending and investment banking as well as its asset management.
The bank is active in this sector but has no investment policy for this sector;
The bank: has only adopted or signed onto a voluntary standard or initiative relevant for this sector; or has developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has developed its own policy and this includes the essential elements in its lending and investment banking;or this includes the essential elements in its asset management
The bank has developed its own policy and this includes the essential elements in its lending and investment banking as well as its asset management; or this includes both the essential and additional elements in its lending and investment banking; or this includes both the essential and additional elements in its asset management;
The
bank has developed its own policy and this includes both the essential
and additional elements in its lending and investment banking as well
as its asset management.
For more and detailed information, please have a look at the forestry sector page
scoring method
The bank is active in this sector but has no investment policy for this sector;
The bank: has only adopted or signed onto a voluntary standard or initiative relevant for this sector; or has developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has developed its own policy and this includes the essential elements in its lending and investment banking; orthis includes the essential elements in its asset management
The bank has developed its own policy and this includes the essential elements in its lending and investment banking as well as its asset management; or this includes both the essential and additional elements in its lending and investment banking; or this includes both the essential and additional elements in its asset management;
The bank has developed its own policy and this includes both the essential and additional elements in its lending and investment banking as well as its asset management.
Bank of America's Forests Practices comprise some of the
essential elements to be included in a bank's forestry policy. However, with
respect to sustainable forest management certification (e.g. FSC), the bank's
policy is to procure only forest products whose fibre is third-party certified
according to an accepted standard like FSC, while the bank's clients are not
requested to do the same. As such only half of the essential elements are
included and the policy is therefore accredited with two points.
For more and detailed information about this, please have a look at the mining sector page
scoring method
The bank is active in this sector but has no investment policy for this sector;
The bank: has only adopted or signed onto a voluntary standard or initiative relevant for this sector; or has developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has developed its own policy and this includes the essential elements in its lending and investment banking; orthis includes the essential elements in its asset management
The bank has developed its own policy and this includes the essential elements in its lending and investment banking as well as its asset management; or this includes both the essential and additional elements in its lending and investment banking; or this includes both the essential and additional elements in its asset management;
The bank has developed its own policy and this includes both the essential and additional elements in its lending and investment banking as well as its asset management.
additional information
This score is based on the fact that the bank has
adopted the Equator Principles
For more and detailed information about this, please have a look at the oil and gas sector page
scoring method
The bank is active in this sector but has no investment policy for this sector;
The bank: has only adopted or signed onto a voluntary standard or initiative relevant for this sector; or has developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has developed its own policy and this includes the essential elements in its lending and investment banking; orthis includes the essential elements in its asset management
The bank has developed its own policy and this includes the essential elements in its lending and investment banking as well as its asset management; or this includes both the essential and additional elements in its lending and investment banking; or this includes both the essential and additional elements in its asset management;
The bank has developed its own policy and this includes both the essential and additional elements in its lending and investment banking as well as its asset management.
additional information
This score is based on the fact that the bank has
adopted the Equator Principles
The bank is active in this sector but has no investment policy for this sector;
The bank: has only adopted or signed onto a voluntary standard or initiative relevant for this sector; or has developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has developed its own policy and this includes the essential elements in its lending and investment banking;or this includes the essential elements in its asset management
The bank has developed its own policy and this includes the essential elements in its lending and investment banking as well as its asset management; or this includes both the essential and additional elements in its lending and investment banking; or this includes both the essential and additional elements in its asset management;
The bank has developed its own policy and this includes both the essential and additional elements in its lending and investment banking as well as its asset management.
Bank of America's Coal Policy, Climate Policy Principles and Climate
Change Position set only minor investment criteria (reduction of financed
emissions with 7% in the bank's energy & utilities portfolio) and do not
exclude investment in coal-fired power or nuclear energy and power. In
addition, the bank states on its website that it actively supports carbon
capture and storage projects, which is according to BankTrack a false solution
to mitigating climate change. For these reasons, the power generation
sector and the issue on climate change are accredited with one point.
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
Bank of America's Coal Policy, Climate Policy Principles and Climate
Change Position set only minor investment criteria (reduction of financed
emissions with 7% in the bank's energy & utilities portfolio) and do not
exclude investment in coal-fired power or nuclear energy and power. In
addition, the bank states on its website that it actively supports carbon
capture and storage projects, which is according to BankTrack a false solution
to mitigating climate change. For these reasons, the power generation
sector and the issue on climate change are accredited with one point.
For more and detailed information about this issue please have a look at the corruption sector page
scoring method
The bank has no investment policy for this issue;
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
For more and detailed information about this issue please have a look at the close the gap issue page on human rights. This page also informs about the difference between essential and additional elements.
scoring method
The bank has no investment policy for this issue;
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
additional information
This score is based on the fact that the bank has
adopted the Equator Principles
For more and detailed information about this issue please have a look at the labour issue page
scoring method
The bank has no investment policy for this issue;
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
For more and detailed information about this issue, please have a look at the taxation issue page
scoring method
The bank has no investment policy for this issue;
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
For more and detailed information about this issue, please have a look at the toxics issue page
scoring method
The bank has no investment policy for this issue;
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
For more and detailed information about this issue please have a look at the close the gap page on accountability. This page also informs about the difference between essential and additional elements.
scoring method
The bank has no procedures regarding transparency and
accountability;
The bank has an internal and/or external audit system in
place to audit its Environmental and
Social Risk Management System and its sector and issue investment policies,
but does not publish the results of these audits; or performs
stakeholder engagement but not in accordance with AA1000
The bank's procedures include half of the essential
elements;
The bank's procedures include all of the essential
elements;
The bank's procedures include the essential elements and include the additional elements in its lending and investment banking; or include the additional elements in its
asset management
The bank's procedures include both the essential and
additional elements in its lending and investment banking as well as its asset
management.
additional information
This score is based on the following procedures within
the bank: No
internal or external audit mentioned / Only
handling of client complaints
For more and detailed information about this issue please have a look at the close the gap page on transparency. This page also informs about the difference between essential and additional elements.
scoring method
The bank has no procedures regarding transparency;
The bank has signed onto the Global Reporting Initiative
(GRI), but does not use its framework for reporting;
The bank's procedures include half of the essential
elements;
The bank's procedures include all of the essential
elements;
The bank's procedures include the essential elements and:
include the additional elements in its
lending and investment banking; or
include the additional elements in its
asset management;
The bank's procedures include both the essential and
additional elements in its lending and investment banking as well as its asset
management.
additional information
This score is based on the following procedures within
the bank: GRI
report, however last year was 2006 and no external audit was performed / All
policies disclosed / No deal transparency
shares/bonds underwriter or manager: $250 million (03/15/10) Bank of America Securities LLC underwrote a $250 million offering of TECO Energy notes source: TECO Energy Prospectus Supplement dated 3/6/10
corporate loan: $522.5 million (second amendment dated 5/19/08) Bank of America, NA served as one Lender among 18 banks in a $522.5 million credit agreement with Patriot Coal source: Bloomberg 4/28/10
corporate loan: $1.23 billion (4/15/10) Bank of America served as Co-Documentation Agent in a $1.23 billion credit agreement between 5 banks and Alpha Natural Resources in its second amended and restated agreement source: Bloomberg 4/28/10
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