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 2020)
24 slides from Bank Of America's shareholder meeting presentation, Mar 9, 2020
Slide 1: Overview of Responsible Growth, Corporate Governance and Executive Compensation Practices, Human Capital and ESG
Bank of America Corporation Overview of Responsible Growth, Corporate Governance and Executive Compensation Practices, and Human Capital and ESG Initiatives 2020 Annual Meeting of Shareholders: Additional Soliciting MaterialsBank of America Corporation Overview of Responsible Growth, Corporate Gover
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. Our values Our purpose Responsible growth Eight lines of business • Deliver together • To h
Slide 3: Executive Summary
Executive Summary • Our focus on Responsible Growth is delivering strong, consistent, high-quality results. We deliver on Responsible Growth by serving our clients with the best capabilities, investing in our teammates and our communities, and helping address important societal priorities • Our Boar
Slide 4: Continued dedication to Responsible Growth drove strong results in 2019
Continued dedication to Responsible Growth drove strong results in 2019 2 2019 Earnings per share 2019 Noninterest expense 2019 Net Income 2019 Revenue 5% 3% $27.4 billion $91.2 billion $29.1 billion excluding from 2018 from 2018 1 1 1 3Q impairment charge 12% excluding 3Q impairment charge 1% exclu
Slide 5: Continued progress in driving financial performance
1 Continued progress in driving financial performance Net Income ($B) Diluted Earnings per Share $7.3 $0.74 $7.0 $0.70 YoY YoY +6% (4%) $5.3 $4.5 $0.47 $0.39 $3.3 $0.27 4Q15 4Q16 4Q17 4Q18 4Q19 4Q15 4Q16 4Q17 4Q18 4Q19 Average Diluted Shares Outstanding (B) Expenses ($B) and Efficiency Ratio YoY YoY
Slide 6: Deploying capital and driving Responsible Growth for long-term sustainability
Deploying capital and driving Responsible Growth for long-term sustainability Infrastructure Community Environment & Innovation $5B in $125B Associates Lending Capital community 10-year $1.7B capital development environmental Committed to $39B Return investments in lending for business $20 per hour
Slide 7: Directors provide the right skills and experience to oversee our business and strategy
Directors provide the right skills and experience to oversee our business and strategy Directors provide Our directors represent a diverse range of qualifications and skills: independent oversight: 16 Audit/Financial Reporting, enabling our 8 Financial Services Experience, providing our directors wi
Slide 8: Denise Ramos named to the Board of Directors
Denise Ramos named to the Board of Directors Ms. Ramos was appointed to Bank of America’s Board of Directors on July 25, 2019 She serves on the Audit Committee and the Compensation and Human Capital Committee • Ms. Ramos’s role as former Chief Executive Officer of ITT Inc. (ITT) enables her to bring
Slide 9: Lead Independent Director with robust and well-defined responsibilities
Lead Independent Director with robust and well-defined responsibilities See page 19 of our 2020 Proxy Statement for the Jack Bovender well-defined duties of our Lead Independent Director Highly engaged Lead Independent Director • Regularly speaks with our CEO and holds bi-weekly calls to discuss Boa
Slide 10: Leading governance practices continue to strengthen our Board's effectiveness
Leading governance practices continue to strengthen our Board’s effectiveness Active independent oversight • Lead Independent Director’s robust and well-defined duties are set forth in our Corporate Governance Guidelines; they extend beyond those of a traditional lead director • Independent director
Slide 11: Governance and compensation practices informed by shareholder feedback
Governance and compensation practices informed by shareholder feedback Governance and compensation practices reflect ongoing Board review of best practices and shareholder input What We Don’t Do What We Do û Discounting, reloading, or repricing stock options without ü Strong, well-defined Lead Indep
Slide 12: Executive compensation program aligns pay and performance
Executive compensation program aligns pay and performance Comprehensive Performance Evaluation Independent Review and Approval Pay for performance and Compensation and Human Capital Full year assessment of financial Scorecard assessment of performance Committee review, assess, and Independent compen
Slide 13: Our people are the foundation for Responsible Growth
Our people are the foundation for Responsible Growth We believe that achieving strong operating results—the right way—starts with our employees. Our diversity makes us stronger, and the value we deliver as a company is strengthened when we bring broad perspectives together to meet the needs of our d
Slide 14: Our people are the foundation for Responsible Growth (continued)
Our people are the foundation for Responsible Growth (continued) We give our employees the support they need so they are able to make a genuine impact and contribute to sustainable growth of our business and the communities we serve We deliver on our promise of being a great place to work by: Being
Slide 15: Making a global impact by deploying capital and driving Responsible Growth
Making a global impact by deploying capital and driving Responsible Growth for long-term sustainability As a global financial institution, we recognize that we play a critical role in accelerating the deployment of capital to address the 17 United Nations Sustainable Development Goals (SDGs). Our en
Slide 16: Recognition for our Responsible Growth
Recognition for our Responsible Growth We are honored to be recognized by organizations and media around the world for our ESG commitments and initiatives and for our efforts to be a great place to work. Fortune Equileap Investing in Women Initiative 100 Best Companies to Work For (2019) U.S. and Gl
Slide 17: Our Board requests your support for the following proposals
Our Board requests your support for the following proposals at our 2020 Annual Meeting of Shareholders No. 1 – FOR Election of 17 Directors • Our Board regularly reviews its composition through thoughtful evaluation, and has continually enhanced the director recruitment, selection, and succession pl
Slide 18: Our Board recommends a vote against the following shareholder proposals
Our Board recommends a vote against the following shareholder proposals No. 4 – AGAINST Make Shareholder Proxy Access More Accessible • Our existing proxy access Bylaw strikes the appropriate balance between promoting shareholder rights and protecting the interests of all our shareholders; • Our Byl
Slide 19: Our Board recommends a vote against the following shareholder proposals (continued)
Our Board recommends a vote against the following shareholder proposals (continued) No. 6 – AGAINST Report Concerning Gender/Racial Pay Equity • Our company is committed to equal pay for equal work. Through our longstanding practices, we compensate all our employees fairly and equitably, with equal
Slide 20: Our Board recommends a vote against the following shareholder proposals (continued)
Our Board recommends a vote against the following shareholder proposals (continued) No. 7 – AGAINST Review of Statement of the Purpose of a Corporation and Report on Changes to Governance Document, Policies, and Practices • Our company is proud to endorse the Business Roundtable’s Statement on the P
Slide 21: Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures
Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures Our company reports its financial results in accordance with accounting principles generally accepted in the United States of America (GAAP). However, we believe that certain non-GAAP financial measures provide additional clarity in
Slide 22: Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures (continued)
Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures (continued) • The information contained on our “Continued Progress in Driving Financial Performance” slide is based on data available at the time of our 20194Q earnings presentation. The data speaks only as of the particular date or
Slide 23: Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures (continued)
Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures (continued) 23Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures (continued) 23
Slide 24: Bank of America
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