Outlines Company Impact on Environmental, Social and Economic Issues
Bank of America today released its annual Corporate Social Responsibility (CSR) report to provide an overview of the environmental, social and economic impact of its businesses as well as progress in meeting commitments to customers, clients, employees, shareholders, and the communities it serves.
“Over the past few years, we’ve learned more about how our business practices and operations impact local communities around the world,” said Bank of America Corporate Social Responsibility and Consumer Policy Executive Andrew Plepler. “Our CSR report demonstrates how we’re addressing some of the most pressing challenges in the environmental, social and economic arenas. We’re modifying our business practices, living up to our lending, investing and environmental goals, and supporting leadership development, volunteerism and diversity and inclusion.”
The report highlights some of the company’s achievements and challenges in 2012, including its commitments to responsible business practices, environmental sustainability, community development and philanthropic investments. To help guide its approach to doing business, Bank of America regularly convenes external advocates and leaders, including community representatives and experts in emerging global trends.
In 2012, the company maintained its focus on promoting responsible homeownership. After exiting the correspondent home lending market in 2011, Bank of America is concentrating entirely on retail distribution for its mortgage products and services. This change has enabled the company to align resources to its direct-to-consumer channel, with greater focus on deepening relationships with core customers.
Last year, following the early completion of an initial $20 billion environmental business initiative, Bank of America announced a new, 10-year goal to dedicate $50 billion to address global climate change and demands on natural resources. This brings the total to $70 billion over the course of 16 years.
Bank of America also invested $106 billion in low- and moderate-income communities in 2012, totaling $570 billion since 2009. This includes more than $85 billion in affordable housing; in addition, through lending, tax credit equity investments and real estate development solutions, the company provided more than $2.6 billion to help support the creation of nearly 11,000 affordable housing units for families, seniors and veterans.
In 2012, the Bank of America Charitable Foundation provided more than $200 million in philanthropic investments around the world. The company launched the Global Ambassadors Program, a partnership with Vital Voices, a leading international non-governmental organization dedicated to training and mentoring emerging women leaders. Through mentoring forums held in India, South Africa, Haiti, Singapore and Brazil, the program has convened hundreds of women to discuss opportunities for leadership to address economic issues facing their countries.
The CSR report is structured to follow and respond to the Global Reporting Initiative (GRI) G3.1 framework and GRI’s Financial Services Sector Supplement, the industry standard by which CSR efforts are evaluated and measured. GRI has concluded that the 2012 Bank of America CSR report fulfills the requirement of Application Level B+.