2/21/21 6:33 PM
Bank of America
Internal Representation & Support
To evaluate this pillar, we take into consideration a range of factors, including but not limited to:
- Employee representation
- Diversity, equity, & inclusion (DEI)
We weigh a company’s degree of public commitment primarily on their monetary contributions to DEI matters or organizations fighting racial injustice.
Forms of monetary support we look for:
Employee donation matching
Bank of America has pledged 0.2% of their annual revenue ($1 billion over four years) toward advancing racial equity, which is a significant amount compared to many other public companies. On Twitter, they post frequently about matters of racial justice, from promoting community partners to highlighting small Black businesses.
In spite of their significant corporate donation as well as their transparency with how that money will be spent, Bank of America has not outlined any specific actions it will take to address racial equity organizationally, let alone acknowledge its need for internal improvement.
We scour the company’s website and official social media channels to determine what message they are sending around racial injustice, how they are communicating it, and whether their communications are perceived as genuine or performative.
Public statement: We verify that companies have made a formal statement regarding racial injustice.
Social media: We consider how a company uses their platform(s) beyond performative allyship.
Representation: For companies that have the opportunity to showcase diversity in their feed, we consider whether they have adequate Black representation and BIPOC representation across their models.
I. Internal Representation & Support:
Board of Directors:
12% - 13% Black, 16% - 20% BIPOC, 31% - 35% Women
8% - 9% Black, 21% - 25% BIPOC, 26% - 30% Women
12% - 13% Black, > 40% BIPOC, 46% - 50% Women
An appointed DEI senior leader and/or a dedicated DEI organization, A Black employee resource group