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Big Banks Face Fossil Fuel Resistance at Annual Meetings
Guest blog by Ben Cushing, Campaign Representative Beyond Dirty Fuels
Bank of AmericaUnited States
Created before Nov 2016
Last update: 2018-04-26 10:00:16
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About Bank of America
Bank of America head office Charlotte NC. Photo: jbarreiros via Wikimedia Commons (CC-BY-SA 2.0)Bank of America is an American multinational banking and financial services corporation and is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. Bank of America serves clients in more than 150 countries and has a relationship with 99% of the U.S. Fortune 500 companies and 83% of the Fortune Global 500. The company is a member of the Federal Deposit Insurance Corporation (FDIC) and a component of both the S&P 500 Index and the Dow Jones Industrial Average. In 2008 Bank of America acquired Merrill Lynch, enabling the bank to become the world's largest wealth management corporation and a major investment bank.
| Website | http://www.bankofamerica.com |
| Headquarters |
100 North Tryon Street
28255 Charlotte, NC
United States
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| CEO/chair |
Brian T. Moynihan CEO |
| Supervisor | |
| Annual report | Annual Report 2017 |
| Ownership |
listed on NYSE Euronext & Tokyo Stock Exchange
Large shareholders include the Vanguard Group (4.7%), State Street Global Advisors (4.4%) and BlackRock Institutional Trust Company (3.6%). |
Related Dodgy Deals
Bank Of America has been linked to the following "Dodgy Deals", e.g. as a current or past financier or through an expression of interest. Find out more about dodgy deals here. See the project or company profile for more details on the nature of the bank's link to the Dodgy Deal.
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Projects
Active
Annova LNG Terminal United States
Active
Atlantic Coast Pipeline United States
Active
Kusile coal power plant South Africa
Active
Line 3 Pipeline Replacement Project (L3RP) Canada
Active
Mountain Valley Pipeline United States
Active
Solwara 1 Deep Sea Mining Project Papua New Guinea
Active
Trans Mountain Pipeline Expansion project (TMEP) Canada
There are no projects active for Bank of America now.
On record
Dominion Cove Point LNG United States
On record
Dynegy coal power plants United States
On record
Gateway Pacific coal export terminal United States
On record
Grasberg gold and copper mine Indonesia
On record
Hazelwood coal power plant Australia
On record
Kaltim Prima Coal mine Indonesia
On record
Mountain top removal coal mining United States
Companies
Active
Coal India India
Active
Drummond United States
Active
TransCanada Corporation Canada
There are no companies active for Bank of America now.
On record
Adani India
On record
Alliant Techsystems United States
On record
Alpha Natural Resources United States
On record
Anglo American United Kingdom
On record
Arch Coal United States
On record
Areva France
On record
BHP Billiton Australia
On record
Bumi Resources Indonesia
On record
EDF France
On record
Elbit Systems Israel
On record
ENGIE France
On record
ESKOM South Africa
On record
Glencore Switzerland
On record
Jindal Steel & Power India
On record
L-3 Communications United States
On record
Lockheed Martin United States
On record
National Thermal Power Corporation (NTPC) India
On record
Rio Tinto Australia
On record
Royal Dutch Shell Netherlands
On record
RWE Germany
On record
Shenhua Group China
On record
SUEK Russian Federation
On record
Textron United States
On record
Trafigura Singapore
On record
Vale Brazil
On record
Vattenfall Sweden
On record
Veolia Environment France
On record
Vitol Switzerland
On record
Wilmar Group Singapore
Dodgy Deals map
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Links
Policies
Voluntary initiatives
Bank of America has committed itself to the following voluntary standards:Investment policies
An overview of Bank of America's policies can be found on its Environmental governance and policies page, here.
Year:
Issues
Bank of America and the Equator Principles
The Equator Principles are a voluntary commitment of banks to try to avoid or minimise the social, environmental and human rights impact of projects they finance. For more information on the Equator Principles see their website here and the campaign page of BankTrack here.
The Equator Principles exist already since 2003. Bank of America adopted the Equator Principles in 2004.
Reporting on the Equator Principles
Bank of America must report annually on its implementation of the Equator Principles. All information is supposed to be found here.
- Bank of America is in compliance with its reporting obligations. The 2015 report can be found here.
Dodgy Deals
Bank of America is involved in financing the following Equator Principles projects that BankTrack considers controversial.
Human rights
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True leader
Front runner
Follower
Laggard
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BankTrack has assessed Bank of America on its implementation of the UN Guiding Principles on Business and Human Rights in June 2016. Bank of America is assessed as a Laggard, with a total score of 1/12.
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Equator Principles
Implementation and reporting
Bank of America is reporting on the implementation here.
Contact and complaints
Equator Principles Dodgy Deals
Good moves
Year:
2015
Climate breakthrough as string of banks dump coal financing
In May, Bank of America and Crédit Agricole became the first major banks to announce plans to stop financing coal mining. These announcements marked a hugely significant win and a breakthrough moment in the fight to end financing for the coal industry. The second half of 2015, in the run-up to the make-or-break UN climate change conference in Paris, then saw important coal finance restrictions being announced by institutions including Citi, Natixis, Goldman Sachs, Société Générale, BNP Paribas, ING and RBS. All these moves are captured here – significantly, a number of banks have chosen not just to get out of coal mining, but are also extending into ending their support for coal power.
2013
Coal India share issue collapses
Coal India Limited's attempt at a public share issue was successfully blocked in late 2013. The Indian government, the company's majority shareholder, hoped toraise USD 3 billion through the sale of 10% of its stake in the world's largest coal miner. Banktrack was part of a coalition of groups including Greenpeace, Rainforest Action Network and urgewald that pressured the banks underwriting the share offer (Deutsche Bank, Credit Suisse, Bank of America and Goldman Sachs) for their involvement with a company with a notorious environmental and human rights record. Read more [external link].