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How has my organization addressed Corporate Social Responsibility?
May 18, 2012Posted by on
Bank of America’s social responsibility is showcased through the Bank of America Charitable Foundation; we deploy our philanthropic support in communities across our global footprint. With annual giving of $200 million, we are one of the largest financial institution philanthropic donors and the second largest cash giver in the U.S. Overall, our giving falls into four categories critical to the long-term success of our neighborhoods:
• Community Development/Neighborhood Preservation
• Education and Youth Development
• Health and Human Services
• Arts and Culture
In 2009, in response to the economic downturn, the Bank of America Charitable Foundation launched its Emergency Safety Net Strategy to help meet pressing community needs stemming from the unprecedented economic crisis. Since then, we have provided more than $9 million in philanthropic support and direct funding to enable health and human service nonprofit organizations to continue delivering core health care, job training, hunger relief, shelter and childcare programs and services to help stabilize our communities.
Our conduct is guided by our core values, our code of ethics and a commitment to openness and transparency.
Corporate governance is ultimately overseen by our Board of Directors, which is largely composed of directors who are independent of management.
In 2009, we identified a number of changes and priorities which have been a focus during the past 18 months. These included modifying board membership and committee membership; focusing on enterprise risk through establishment of the Enterprise Risk and Credit Committees (in addition to the preexisting Audit Committee); adjusting how management reports to the board; further enhancing the orientation process for directors and increasing board interaction with senior management; and formalizing the board’s process for approving the company’s annual risk appetite.
Through our participation, we aim to lend our voice to the creation of policies that sustain our industry, support our customers and benefit society. For example, Bank of America supported creation of a Consumer Protection Financial Bureau as part of the Dodd-Frank Act passed in 2010. While there were areas of disagreement, we supported the stated goals in the legislation of transparency, simplicity, fairness, accountability and access for consumers.
In 2010, we worked closely with governments to advance key policy priorities, including our ongoing support for small businesses, enhanced consumer protections, the creation of a new global risk framework and help for people trying to stay in their homes. Specifically we: Consulted policymakers and government leaders about proposed legislative and regulatory changes that would improve consumer financial protection. In the U.S., we engaged on key legislative and regulatory initiatives, including:
• Regulation Fair Disclosure
• Dodd-Frank Regulatory Reform Bill
• Basel III global financial guidelines
Ultimately, with the strategies we are implementing, it will provide a competitive edge to improve gains for customers, clients and shareholders.
Bank of America 2010 CSR Report. (online). Available: http://ahead.bankofamerica.com/featured/bank-of-america-releases-corporate-social-responsibility-report/