By Nate Myers, CFACT | April 24, 2025
The issues of climate, renewable energy, and modern farming were hot topics at Bank of America’s 2025 annual shareholder meeting on Tuesday. Three proposals were offered by activist investors to move the corporate giant politically leftward — and all three crashed and burned in spectacular fashion.
The first resolution stated the company “should disclose its lobbying actions regarding climate provisions of key international, federal, and state legislation and regulation, where relevant, and not merely rely on organizational statements supporting climate progress.” The resolution failed with only 16.2% of shareholders in favor.
The second proposal requested Bank of America “disclose annually its Energy Supply Ratio (“ESR”), defined as its total financing through equity and debt underwriting, and project finance, in low-carbon energy supply relative to that in fossil-fuel energy supply. The disclosure, prepared at reasonable expense and excluding confidential information, shall describe Company’s methodology, including what it classifies as “low carbon” or “fossil fuel.” Similar to the first resolution, only 16.4% of shareholders voted in favor.
The third and last shareholder proposal sought more information regarding the company’s investment into American farmers, asking, “why is BAC among the top financiers of factory farms, responsible for 20% of all loans and underwriting services to companies tied to factory farms?!” This resolution was soundly rejected by shareholders, receiving only 6.4% of their votes.
To its credit, Bank of America’s board opposed all the measures, typically offering lengthy explanations as to “why” they opposed them for each. Disappointingly, however, the explanations were not so much that they opposed the activist proposals in principle, but rather that they were already undertaking similar actions aligning with these far-left proposals anyway. CFACT was less than impressed with this clear cow-towing to fringe and unscientific belief systems.
After the voting was completed, the board took to answering general questions from its shareholders. It was at this point that CFACT’s Collegian’s director Nate Myers directly asked BOA’s Chairman, Bryan Moynihan, this pointed question: “Many Americans — including customers and investors — don’t want their money politicized. What assurances can you give us that this board will stop using its capital and reputation to promote ideological campaigns such as left-wing climate activism or otherwise?”
Mr. Moynihan responded by stating, “I think on Mr. Myers’ question, we do business with all sorts of organizations. We bank energy companies despite receiving on a day to day basis statements from people who are against it. We have $40B in outstanding loans to underwriting and working with all sorts of energy companies, helping them supply clean, affordable, and abundant energy to the world and America. We also bank nuclear companies and companies that are in the “new energy” segment. So, our job is to help our clients achieve their goals, and all clients are different elements of the same equation.”
As always, CFACT will continue to monitor and participate in corporate shareholder meetings to counter the left-wing activism that is so rampant and apparent among them in today’s age. As always, thank you to our donors, your continued support enables CFACT to be the voice of reason in American board rooms.
Nate Myers is the National Field Coordinator for CFACT's Collegians program.
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