This week NLPC filed a proxy memorandum with the Securities and Exchange Commission that calls for investors in Bank of America to vote against Chairman/CEO Brian Moynihan for the company’s board of directors. The filing was the subject of a story by reporter Fred Lucas at The Daily Signal today — here’s an excerpt:
NLPC faulted Moynihan’s “failed management” and Bank of America’s focus on diversity, equity, and inclusion initiatives, as well as ESG, short for environment, social, and governance.
“Brian Moynihan has overstayed his usefulness at Bank of America. His 15-year tenure has been marked by chasing every politicized fad of the moment, whether it’s climate alarmism and Net Zero financing priorities, DEI policies in employment and lending programs, or his leadership role within WEF to globalize business standards that are often antithetical to capitalism and free markets,” [NLPC’s Paul] Chesser told The Daily Signal. “His finger-in-the-wind style of leadership now has him running away from all those so-called ‘principles,’ now that they’ve fallen into disfavor.”…
The NLPC has in previous years called for the board chairman and CEO to be separate positions at Bank of America.
“NLPC understands it might be counterintuitive (but not inconsistent with principles of “independent chair” shareholder proposals) for shareholders to vote against Mr. Moynihan as a director (and consequently, as Chairman of the Board), while leaving him the role of CEO,” the Wednesday filing says. “But the time for moving forward with the succession plan for him in his executive role is now as well. A vote to endorse his continued leadership would signify tacit support for his troubling record of consumer rights violations, ideologically-driven pursuits, and the ill-advised, concentrated power that has taken him on his unaccountable path.”
NLPC submitted a proposal in the fall of 2024 that was intended to come up for a shareholder vote this spring at Bank of America’s annual meeting. The resolution sought accountability from the company after three reports from the House Judiciary Committee and its Select Subcommittee on the Weaponization of the Federal Government determined that the bank turned over credit card transaction data from all its customers who made purchases in the Washington, DC area on the dates surrounding the incident at the U.S. Capitol on January 6, 2021.
Bank of America scraped its databases without any receiving any subpoenas or warrants — or the politicized FBI even simply asking for the information — and handed over the private information to the government, according to the Weaponization subcommittee.
Unfortunately the Securities and Exchange Commission under President Donald Trump defied his priority to end the weaponization of government against its citizens, and acceded to Bank of America’s request to omit our proposal from its annual meeting.
Brian Moynihan and Donald Trump/PHOTO: White House (CC)
However, that doesn’t render NLPC’s voice mute as a shareholder. And in fact, there’s far more than the weaponization issue that has concerned us with Bank of America. As mentioned in The Daily Signal article, there are its woke priorities regarding various ESG policies that include issues such as diversity, equity and inclusion; pursuit of economically frivolous NetZero goals; and the debanking of accounts held by religious and political conservatives. President Trump shamed Moynihan (pictured above) in January at the World Economic Forum over the latter issue.
That’s why this week NLPC filed the seven-page proxy memo at the SEC that urges voting shareholders in Bank of America to oppose Moynihan’s re-election to the company’s board of directors. An excerpt from the report:
BofA closed accounts that belonged to Christian charitable organizations and firearm manufacturers, citing “risk tolerance” as justification. While the bank asserted that closures followed objective risk assessments, critics argue these actions align more with political bias or pressure from external ideological groups. Such moves contradict foundational principles of the financial system, which should operate as a neutral facilitator for varied clients and industries. The broader implications of financial entities exercising moral gatekeeping erode public confidence in equitable access to essential services…
Mr. Moynihan has directed considerable financial and strategic resources toward ESG-aligned policies, most of which clash with BofA’s fiduciary priorities and shareholder interests. Notable investments include a $1.5 trillion commitment to the 2030 sustainable finance target – $410 billion of which has been deployed – and a $421 million allocation to equity funds that exclusively support non-white and female entrepreneurs. Additionally, the company issued $2 billion in bonds to promote UN Sustainable Development Goals (SDGs) and implemented a controversial program offering reduced interest rates for borrowers who help fulfill diversity quotas. These measures raise questions about their impact on financial performance.
Further amplifying the bank’s ESG focus, Mr. Moynihan’s leadership initiatives include his involvement with the aforementioned WEF and the Net Zero Banking Alliance (NZBA). At the WEF, the globalist conference which he annually visits, Mr. Moynihan has championed universal ESG metrics, developed in collaboration with major accounting firms. The elitist WEF has also prioritized ideas including transhumanism, abolition of private property, consumption of bugs, social credit systems, the “Great Reset,” and other Orwellian objectives.
NLPC has previously tried to hold Bank of America accountable for Moynihan’s left-leaning leadership. In 2023 we presented a proposal at the company’s annual meeting that sought to reduce Moynihan’s power by requiring him to relinquish either the chairman or CEO roles. We also opposed three pro-NetZero proposals sponsored by climate alarmist groups. And in 2022 we sought greater transparency about the company’s charitable contributions.
Bank of America’s annual meeting this year is scheduled for April 22.
