Human capital and culture have been consistent topics during our ongoing engagements with Bank of America (BoA) management and board leaders. These discussions have covered: pay strategies and the firmâ€™s minimum wage for US workers, diversity and inclusion, pay equity and the boardâ€™s role in overseeing culture, among other topics. While the insights from these discussions have been informative, we identified opportunities for BoA to bring these topics together in a single narrative highlighting the depth and breadth of these activities.
In November 2019, Bank of America released its first Human Capital Management Report, Being a Great Place to Work, which enabled State Street Global Advisors to discuss with the company how the initiatives highlighted in the report aligned with a responsible growth strategy. For instance, BoA explained that its commitment to increase the minimum wage for US workers from $17/hr to $20/hr in the first quarter of 2020 was accounted for in its strategic focus on expense discipline.
We encourage companies to disclose material ESG information in a cohesive manner using Sustainability Accounting Standards Board (SASB) Sustainability Accounting Standard as a starting point. It is equally important for companies to address the connection between the information disclosed and long-term strategy.