Summary by Moomoo AI
Bank of America has come under scrutiny for reversing its policy on not directly financing Arctic oil exploration, thermal coal mines, or new coal-fired power plants, which was previously aligned with the Paris Agreement's goals. Majority Action, an advocacy group, is urging shareholders to vote against Clayton S. Rose, the Chair of the Enterprise Risk Committee, at the upcoming annual general meeting on April 24, 2024. This recommendation follows the bank's decision to remove language from its Environmental and Social Risk Policy that restricted such financing, a move that now subjects these high-risk transactions to an enhanced due diligence process rather than outright exclusion. The bank's policy change has raised concerns about its commitment to limiting global warming to 1.5°C and the potential systemic risks to the economy and capital markets due to climate change. Majority Action is also supporting a shareholder proposal from The New York City Employees’ Retirement System, requesting Bank of America to disclose its Clean Energy Supply Financing Ratio annually.