What is The $50 Million Blockchain Research Program? Once popular opinion hit the halfway point, however, a lot more companies including ones led by conservative CEOs begin speaking out in favor. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. The people who ran the private equity firms are the people who form them, which means they generally arent diverse. Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. [18], He currently lives in Wellesley, Massachusetts, and frequently commutes between Boston and Bank of America's headquarters in Charlotte, North Carolina using Bank of America's private jets. Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. He also is a co-chair of the Steering Committee of the Council for Inclusive Capitalism and co-chair of the Sustainable Markets Initiative, which was founded by His Majesty King Charles III in his former role of His Royal Highness The Prince of Wales. Employees also play an important role driving corporate activism. The answer is, absolutely. Bank of America CEO Brian Moynihan says leaders should look 'out-in BofA Lifts CEO Brian Moynihan's Pay 31% for 2021 to $32 Million First on CNBC: CNBC Transcript: Bank of America Chairman & CEO Brian And more recently, it has become even more critical for companies to consider public sentiment when deciding whether to take a stand on a hot-button issue. This transcript has been edited for length and clarity. Brian Moynihan Has Run Bank of America Conservatively. 10 Things You Didn't Know about Bank of America CEO Brian Moynihan In my own research, Ive found a CEOs political affiliation can affect how a company spends money. Fleet Boston Deputy General Counsel (1993-99) [22], In 2012, Moynihan, alongside several other CEO's, faced heavy criticism from Bernie Sanders in a report titled "Top Corporate Tax Dodgers". I believe a closer look at the three main factors -- especially the role of workers and the public -- behind the growth in corporate activism suggests something else. Then society wants to hold them accountable. Public opinion is another factor likely driving the growing rift with the GOP. article ul li { list-style: disc; padding: 5px 0; } Thats a modest mandate. Banks and investors take heat for not simply cutting polluters loose. He then went on to earn a Juris Doctor from the prestigious University of Notre Dame Law School. [Get the best of The Conversation, every weekend. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their company's profitability. While I believe CEOs are partly responsible for the growing business-GOP divide, its not the only factor driving it. We started this a long time ago to drop employee churn and have people be more career-oriented. Recent management research shows that companies with more liberal employees spend more resources on improving gender and race diversity and sustainability issues. Employees also play an important role driving corporate activism. But there are certain industries that didnt have the diversity record of the financial services industry, for example. Corporate America seems to be drifting from the Republican Party Initially, Moynihan studied at Brown University. Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. Thats because their younger customers, especially millennials, increasingly say CEOs have a responsibility to speak out and they would be more likely to buy products if they do. There are so many different kinds, from humorous to profound, cute to horrific, its not hard to find a documentary for everyone. In 2016, Bank of. He joined the board of directors, following his promotion to president and CEO in 2010. Bank of America, N.A. Following a varied career as a social scientist, presidential aide, and ambassador, Moynihan came to the Senate in 1976 and served 24 years. Contribution Totals. Shareholders Have Prospered. Brian Moynihan - Council for Inclusive Capitalism When hes not running Bank of America, Brian Moynihan is preaching the gospel of doing well by doing right. Nothings ever simple. Gender: MaleReligion: Roman CatholicRace or Ethnicity: WhiteSexual orientation: StraightOccupation: BusinessParty Affiliation: Republican, Nationality: United StatesExecutive summary: CEO, Bank of America, High School: Marietta High School, Marietta, OH (1977) University: Brown University (1981) Law School: JD, University of Notre Dame Law School (1984), Bank of America President and CEO (2010-) BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Write an article and join a growing community of more than 163,500 academics and researchers from 4,609 institutions. Brian T. Moynihan AKA Brian Thomas Moynihan Born: 9-Oct - 1959 Birthplace: Marietta, OH Gender: Male Religion: Roman Catholic Race or Ethnicity: White Sexual orientation: Straight Occupation: Business Party Affiliation: Republican Nationality: United States Executive summary: CEO, Bank of America Wife: Susan Berry (three children) Brian Thomas Moynihan (born October 9, 1959) is an American investment banker, businessman and the chairman and CEO of Bank of America. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their companys profitability. We may earn a commission from links on this page. Bank of America Shareholders Asked to Increase Accountability for 'Woke Is that still on track? Bank of America CEO calls for bipartisan push to study - CNN Berry. The company went from like a 20 percent down to 15 percent turnover. More recent research also demonstrates that liberal executives tend to pay more attention to gender diversity inside their companies and are less likely to reduce their workforce when economic conditions deteriorate, consistent with the values that liberals prioritize.
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