Bank of America has 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 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 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 modified its business practices, maintaining its focus on promoting a strong risk culture, building industry-leading levels of capital and managing the businesses to be accountable to all stakeholders.
Last year, following the early completion 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.
In 2012, the Bank of America Charitable Foundation provided more than $200 million in philanthropic investments around the world. Through a partnership with the Cherie Blair Foundation, the company has paired employee mentors with women entrepreneurs in emerging markets to help build their businesses as well as develop their critical communications, advocacy and business skills.
Andrea Sullivan, head of Corporate Responsibility for Europe and Emerging Markets (ex-Asia) at Bank of America Merrill Lynch said: 'We are on a journey, collaborating with our stakeholders to sustain long-lasting relationships, building trust and confidence. Developing solutions for social and economic challenges is core to our responsibility platform and our CSR report is an important way for us to show the progress that we are making'.
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 requirements of Application Level B+.
The full report can be found at www.bankofamerica.com/csrreport.
image: © Alex E. Proimos