Bank of America

The financial institution discloses its positions on various sustainability topics when it comes to lobbying and political engagement activities. It is transparent about its approach to lobbying and political engagement, which includes details about the expenditures incurred and also ensures that third-party lobbyists are in compliance with its policies. Also, it actively engages in partnerships with the aim of influencing sectors and clients in relation to nature-related impacts.

Furthermore, it discloses the monetary amounts that are provided to women-owned businesses, those groups that are usually excluded, and small- and medium-sized enterprises. Alongside this, it provides operational details on a country-by-country basis, such as the number of employees or revenue figures.

In the context of sustainability, the financial institution identifies material impacts across its value chain but could go further in elaborating on the process it employs. This includes providing a detailed account of how objective criteria and reliable evidence are utilized in both the identification and prioritization of these impacts. Regarding its affiliations, the financial institution discloses a partial list of the trade associations it is a member of but could publish a comprehensive list.

The financial institution has made a step in the right direction by disclosing statements expressing its intention to respect the ILO’s fundamental rights at work. However, there is room for improvement as it could enhance these statements by using more assertive language to transform them into a formal and binding commitment. It has set time-bound and measurable targets for its “green” solutions but has the opportunity to be more specific about the proportion of its offerings that are dedicated to climate solutions.

In relation to nature-related impacts, the institution refers to specific sectors and areas but could enhance its disclosure by detailing the direct connection between its products, services, and capital and the prioritized impacts.

It is recommended that the financial institution disclose the breakdown of clients or beneficiaries by income group and clarify processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets. Additionally, it could strengthen its disclosure by identifying the social risks associated with its financing activities in relation to net zero transition. The financial institution could also provide an example of actions taken in the past three years to address salient human rights issues identified through risk assessments related to the products, services, and capital it offers.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.