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Bank of America Plans Virtual Annual Shareholders Meeting

Bank of America sign
Jennifer Lang

Bank of America's annual meeting is Tuesday morning. Shareholders will elect the board of directors, approve executive pay and vote on other business, including four shareholder proposals the company opposes.

Don't look for an annual meeting. Just like last year, it's an audio webcast at 10 a.m. Virtual meetings are now the rule among Charlotte's large publicly traded companies in the age of COVID-19.

The bank opposes four proposals brought by individual shareholders, including one that calls for converting to a "public benefit corporation." That's a relatively new form of company that commits to operate in the public interest, which could include donating profits to charity. BofA calls the idea "radical" and "inappropriate" for a company of its size.

The company also opposes a proposed study of how its policies and practices adversely affect people and communities of color. It says the "racial equity audit" is unnecessary and that it's making progress on diversity in hiring, product design and lending.

Two other proposals would make it easier for shareholders to submit questions at the annual meeting and another that would allow shareholders to raise concerns in writing and call for shareholder votes outside of formal shareholders' meetings.

Meanwhile, as in past years, Bank of America is encouraging participation by donating $1 for every shareholder account that votes. This year, the money will go to two charities: the civil rights, and advocacy group National Urban League and UnidosUS, which advocates for Latinos. Last year, the bank raised $1.05 million for Water.org, which finances clean water and sanitation projects around the world.

Other annual meetings ahead for major Charlotte-area employers:

  • Wells Fargo - Tuesday, April 27, 10 a.m.
  • Truist - Tuesday, April 27, 11 a.m.
  • Sonic Automotive - Wednesday, April 28, 4 p.m.
  • Duke Energy - Thursday, May 6, 12:30 p.m.
  • Nucor - Thursday, May 13, 10 a.m.
  • Honeywell - Friday, May 21, 10:30 a.m.
  • Lowes - Friday, May 28, 10 a.m.

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David Boraks is a veteran journalist who covers climate change for WFAE. See more at www.wfae.org/climate-news. He also has covered housing and homelessness, energy and the environment, transportation and business.