Bank Of America Corporation · NYSE:BAC
Bank Of America — Bank of America Corp /De/ (Bac, Bac-Pb, Bac-Pe, Bac-Pk, Bac-Pl, Bac-Pm, Bac-Pn, Bac-Po, Bac-Pp, Bml-Pg, Bml-Ph, Bml-Pj, Bml-Pl) — Shareholder Meeting (March 2024)
18 slides from Bank Of America's shareholder meeting presentation, Mar 19, 2024
Slide 1: Additional Solicitation Materials 2024 Annual Meeting of Shareholders
Bank of America Corporation Additional Solicitation Materials 2024 Annual Meeting of Shareholders For more details about the information in these additional solicitation materials, please see our 2024 proxy statement
Slide 2: What would you like the power to do?
® What would you like the power to do? At Bank of America, we ask this question every day of all those we serve. It is at the core of how we live our values, deliver our purpose, and achieve Responsible Growth. Eight lines of business Our values Our purpose Responsible Growth Serving the core financ
Slide 3: Executive Summary
Executive Summary Bank of America values engagement with our shareholders. Discussions with shareholders over the past year focused on the topics highlighted below and informed our Board’s and committees’ ongoing dialogue regarding corporate governance, executive compensation, and sustainability. 1
Slide 4: Focus on Responsible Growth Drives Results
Focus on Responsible Growth Drives Results FY23 Revenue by Business FY23 Net Income by Business 2023 Revenue 2023 Net Income (4) (4) Segment ($B) Segment ($B) $98.6 billion $26.5 billion Global Global (1) (1) Adjusted: $100.2 billion Adjusted: $29.3 billion Markets Markets $4.7B $19.5B Consumer Cons
Slide 5: Organic Growth Engine Remained Strong in 2023
Organic Growth Engine Remained Strong in 2023 Consumer Banking Global Wealth & Investment Management u Added over 600,000 net new checking accounts; 20 consecutive u Added record of over 40,000 net new relationships across quarters of growth Merrill and Private Bank, up 47% YoY (1) u Added 4.6 milli
Slide 6: Board Composition: Highly Engaged and Diverse Directors
For more information, see pp. 8-24 of our proxy statement Board Composition: 13 Highly Engaged and Diverse Directors Relevant and complementary experience Sharon L. Allen José (Joe) E. Pierre J.P. de Arnold W. Linda P. Monica C. Almeida Weck Donald Hudson Lozano Brian T. Lionel L. Denise L. Clayton
Slide 7: Board Leadership: Lead Independent Director
For more information, see pp. 26-27 of our proxy statement Board Leadership: our Lead Independent Director Provides Robust Independent Board Leadership and Oversight Empowered and highly-engaged Lead Independent Director Lionel Nowell has been Bank of America’s Lead Independent • Presides over all m
Slide 8: Overview of Shareholder Engagement Efforts Since the 2023 Annual Meeting
For more information, see pp. 37-38 of our proxy statement Overview of Shareholder Engagement Efforts Since the 2023 Annual Meeting Year-Round, Board-Driven Shareholder Engagement Program We continued our long-standing practice of engagement with shareholders to seek input on key focus areas for our
Slide 9: Shareholder Input Informing Executive Compensation Actions
For more information, see pp. 54-55 of our proxy statement Shareholder Input Informing Executive Compensation Actions Most shareholders expressed support for our overall approach to executive compensation and the alignment with Responsible Growth. We received specific input on two key drivers of a l
Slide 10: Performance Evaluation and Pay Decision Process
For more information, see pp. 58-59 of our proxy statement Performance Evaluation and Pay Decision Process Each year, the CHCC undertakes a structured and disciplined approach to evaluate NEO performance and determine compensation. In response to shareholder input, we provided enhanced disclosure of
Slide 11: Bank of America Corporation Equity Plan (BACEP)
For more information, see pp. 90-96 of our proxy statement Bank of America Corporation Equity Plan (BACEP) Equity-based awards are a fundamental part of how we align compensation with our shareholders’ interests, and the BACEP plays a critical role in our pay- for-performance compensation program, a
Slide 12: Developments in our Climate Strategy
For more information, see pp. 40-42 of our proxy statement Developments in our Climate Strategy Bank of America has made strides to help our clients reach their Net Zero ambitions by providing sustainable finance solutions and addressing climate risk. Our actions over the past two years build on dec
Slide 13: Climate Actions: Progress to Date
For more information, see pp. 40-42 of our proxy statement Climate Actions: Progress to Date Bank of America’s commitment to reaching Net Zero builds on 20 years of climate leadership. Since 2003, Bank of America has been a leader in environmental reporting, reducing operational impacts, and scaling
Slide 14: Our Board Requests your Support For the Following Management Proposals
Our Board Requests your Support For the Following Management Proposals Proposal Our Board’s Perspective Item 1: Election of directors • Our Board regularly reviews and renews its composition through thoughtful evaluation, and continues to enhance its director succession planning and selection proces
Slide 15: Our Board Recommends a Vote Against the Following Shareholder Proposals
For more information, see pp. 97-109 of our proxy statement Our Board Recommends a Vote Against the Following Shareholder Proposals Bank of America’s Constructive Approach to Shareholder Proposals We encourage shareholders contemplating a shareholder proposal submission to reach out to us beforehand
Slide 16: Our Board Recommends a Vote Against the Following Shareholder Proposals
For more information, see pp. 97-109 of our proxy statement Our Board Recommends a Vote Against the Following Shareholder Proposals Proposal Primary Filers Our Board’s Perspective Item 5: Report on risks of Leonard Crumpler, c/o • We are guided by our core value of respecting every individual and va
Slide 17: Our Board Recommends a Vote Against the Following Shareholder Proposals
For more information, see pp. 97-109 of our proxy statement Our Board Recommends a Vote Against the Following Shareholder Proposals Proposal Primary Filers Our Board’s Perspective Item 8: Right to act by Kenneth Steiner • Our Board believes that all shareholders should have the opportunity to consid
Slide 18: Endnotes
Endnotes A. Adjusted revenue is calculated as revenue of $98.6 billion excluding the net pretax charge of $1.6 billion for the impact of the future cessation of the Bloomberg Short-Term Bank Yield Index (BSBY), resulting in adjusted revenue of $100.2 billion. Adjusted net income is calculated as net