The framework which we have in place has been devised to provide accountability and transparency to the Bank of America ESG Committee organization.
The ESG Committee was established to ensure Environmental, Social and Governance (ESG) awareness and concern is embedded in our values and informs how we conduct business, develop products and services and deliver on our goals and commitments. ESG is integrated across six core areas, where we continue to focus our resources – 1) responsible business practices; 2) strong economies; 3) environmental sustainability; 4) leadership and service; 5) arts and culture; and 6) diversity and inclusion. Prior to 2016, this was known as Corporate Social Responsibility under the Bank of America Global Corporate Social Responsibility.
Our Global Wealth and Investment Management (GWIM) Impact Investing Council was established to ensure cross-enterprise communication and oversight of our Impact Investing initiative. This council’s membership has key leaders from across Bank of America who are able to influence and set strategy for their respective business units as it relates to our initiative. The Council has the responsibility of aligning goals of the initiative to focuses of the ESG Committee.
The Impact Investing Strategy Working Group was organized across line of business heads who are also recognized leaders across our Global Wealth and Investment Management organization. This group is tasked with driving strategy for internal sales, external marketing and public outreach; assets under management reporting and internal growth revenue metrics; and general program management and coordination across groups.
The purpose of the Global Wealth and Investment Management (“GWIM”) Investment Oversight Committee (the “GWIM IOC” or the “Committee”) is to ensure proper oversight and coordination of GWIM’s investment processes, investment strategy, investment platforms and investment policies on a GWIM-wide basis. It is critical that GWIM-wide investment advice and processes be reviewed on a holistic basis to ensure that GWIM continues to strive for consistency in the delivery of its advice to clients, where appropriate, across its platforms.
The Managed Solutions Group (“MSG”) Product Management Investment Committee (“MSG PMIC” or the “Committee”) is responsible for the evaluation, review, approval, supervision and oversight of all products, platforms and/or services managed or maintained by MSG, including the Merrill Lynch Investment Advisory Program (MLIAP) and Legacy Third Party and FA-Directed Programs (“Advisory Programs”) sponsored by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) and/or its affiliates, as well as domestic and global funds and exchange traded funds (“ETFs”) (“Global Funds Products”) (“collectively, “MSG Products”) distributed by Merrill Lynch.
The Fiduciary Investment Committee (FIC or the Committee) purpose is to oversee the exercise of fiduciary powers and duties with respect to investment management activities of fiduciary accounts in Bank of America, N.A. (BANA) and U.S. Trust Company of Delaware, (collectively, the Bank).