Bank of America is trying to block a shareholder motion that would limit "white men'' to no more than half the nominations to its board.
Saturday, January 15, 2005 at 01:38AM
TheSpook
Bank of America is trying to block a shareholder motion that would
limit ``white men'' to no more than half the nominations to its board.
The bank took steps to exclude the motion from the vote at the planned
stockholders' meeting due to take place on April 27. The bank has
asked regulators to allow it to exclude the proposal from the materials
it must send out to stockholders in advance of the meeting.BofA
argues the proposal would violate federal and state law, including the
1964 Civil Rights Act, by introducing a rigid ``quota requirement'' and
by forcing it to hire or promote on the basis of ethnicity. As a
result, the bank argued, even if stockholders supported the proposal
the company would not have the legal power to implement it. BofA also
argued it has ``a very strong commitment to diversity in all aspects of
its operations'' and that the 17-member board already includes three
women, one African-American and one Hispanic. The bank, which
last year acquired FleetBoston for $48 billion, has received outside
recognition for its commitment to diversity. Four years ago, it
received the highest rating of any major bank in an NAACP survey based
on minority employment and community reinvestment, among other
measures. Fortune magazine also rates BofA among America's top 50
employers for minorities. Nick Rossi, the stockholder behind the
motion, could not be reached for comment. He holds $31,000 worth of
BofA shares. [more]
Article originally appeared on (http://brownwatch.com/).
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