Bank of America Releases 2012 Corporate Social Responsibility Report24/06/2013
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Bank of America today released its annual Corporate Social Responsibility (CSR) report to provide an overview of the environmental, social and economic impact of its businesses as well as progress in meeting commitments to customers, clients, employees, shareholders, and the communities it serves.
The report highlights some of the company’s achievements and challenges in 2012, including its commitments to responsible business practices, environmental sustainability, community development and philanthropic investments.
- Modified its business practices, maintaining its focus on promoting responsible homeownership. The exit from the correspondent home lending market enabled the bank to gain greater control over its mortgage lending practices, enhancing its relationships with customers.
- Announced a new, 10-year goal to dedicate $50 billion to address global climate change and demands on natural resources, following the early completion of its $20 billion environmental business initiative. This brings the total to $70 billion over the course of 16 years – the largest among its peers.
- Invested $106 billion toward community development in low- and moderate-income communities in 2012, with a total of $570 billion since 2009.
- Contributed more than $200 million in philanthropic investments around the world from the Bank of America Charitable Foundation, including the Global Ambassadors Program – a partnership with Vital Voices – to support the training and mentoring of emerging women leaders.
- Supported the preservation of works of art in 19 countries throughout the world, including Australia, Brazil, China, India, Iraq and Switzerland, as part of the company’s international art conservation program.
The report is structured to follow and respond to the Global Reporting Initiative (GRI) G3.1 framework and GRI’s Financial Services Sector Supplement, the industry standard by which CSR efforts are evaluated and measured. GRI has concluded that the 2012 Bank of America CSR report fulfills the requirement of Application Level B+. The full report can be found on the Bank of America website.
Bank of America Corporate Social Responsibility
Bank of America’s commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Our CSR efforts guide how we operate in an environmentally, socially, and economically responsible way around the world, to deliver for shareholders, customers, clients and employees. Our goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with our stakeholders, we create value that empowers individuals and communities to thrive and contributes to the long-term success of our business. We have core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on jobs, housing and hunger; investing in global leadership development; and engaging through arts and culture. As part of these efforts, employee volunteers across the company contribute their time, passion and expertise to address issues in communities where they live and work. Learn more at www.bankofamerica.com/about and follow us on Twitter at @BofA_Community.
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