Bank of America Corp added new sections to its annual filing that show the growing importance of non-financial topics within the firm.
For the first time, the bank created subheadings for “Diversity and Inclusion,” “Fair and Equitable Compensation” and “Health and Wellness” under the business overview section. That section is usually a straightforward description of how a company makes money through its primary operations and segments.
The inclusion of these topics in a place of prominence in the filing formalizes shifting priorities among executives and investors. Introspection across corporate America after the violent death of George Floyd prompted many companies to dedicate more resources towards addressing social inequality and led more institutional investors to consider the social implications of their investments.
The annual 10-K filing, a comprehensive report of a company’s financial performance, is one of the primary tools used by investors when deciding whether to invest in a company.
Famed investor Warren Buffett, who accumulated a 11.9% stake in Bank of America last year, calls the filings his main source of material.
Reporting by Imani Moise; Editing by Stephen Coates; Reuters