Bank of America’s efforts to evade a shareholder proposal on its commitments on the Business Roundtable (BRT) have been rebuffed by the US Securities and Exchange Commission (SEC) – just days after JP Morgan successfully blocked the same proposal.
In August, 181 US CEOs – including those of banking giants JP Morgan, Citi Group, Bank of America and Goldman Sachs – put their name to a widely-publicised statement on corporate purpose by the US corporate lobby group.
That statement appeared to signal a move away from shareholder primacy, towards a model that also prioritises employees, customers, supply chains, communities and the environment.
Last month, RI reported that all four US banks were seeking to exclude a shareholder proposal, filed by Californian based SRI firm Harrington Investments, asking them to flesh out those commitments in a meaningful way.
Earlier this week, the SEC gave its view that JP Morgan Chase may exclude the proposal,…