Bank of America Corp’s Chief Executive Officer Brian Moynihan had a clear message for shareholders on Tuesday: “We are capitalists.” | Reuters
Investors have also pulled back from ESG funds as high oil prices have hurt returns, but top asset managers have largely stood by many efforts with a social or environmental focus.
While BofA is one of the largest U.S. corporate issuers of ESG-themed bonds, it also had $36 billion in lending commitments to energy companies in 2022. Moynihan is a proponent of stakeholder capitalism, a model in which private corporations take into account interests beyond those of shareholders, including workers and communities. The word “capitalism” is mentioned 22 times in BofA’s latest annual report spanning 222 pages, rising from 16 times a year earlier. The number of references to “ESG” fell to 36 this year from 59 last year.
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