Bank of America’s shareholders voted against a deeper dive into its impact on racial inequality. johnsfoley explains on Capital Calls.
asked the U.S. Securities & Exchange Commission to let them snip the question from their annual ballot – unsuccessfully. All five banks have argued they are already taking action.
They needn’t worry because shareholders tend to reject such moves anyway. Proxy Monitor counts more than 2,000 votes at big companies on social policy questions since 2006. Just over 1% passed. Even so, America still has a 10-to-1 that the banking system helped to create. It’s one thing being on the right side of shareholders, and another being on the wrong side of history.
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