BofA’s shareholder meeting shifts - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC

BofA’s shareholder meeting shifts

Posted: Updated:
CHARLOTTE, NC (WBTV) -

It was a shareholder meeting unlike any Bank of America has experienced in quite a while.

For the past five years, BofA's biggest problems have been steeped in mortgage-related issues. And at its annual gathering of stockholders, those that own a piece of the bank, and those that show up just to protest, have continuously railed at BofA for its losses and foreclosure dealings.

But on Wednesday, the vast majority of those outside the meeting - and inside, where we couldn't bring our cameras - focused on BofA's impact on the environment. BofA funds more coal-producing companies than any other bank, and today shareholders and citizens begged it to stop.

June Blotnick, director of Clean Air Carolina, says coal plants emit toxins that harm our health and the environment - she wasn't surprised that the issue seemed to surpass mortgage concerns.

"The bank is the largest lender of coal in the country and with climate change, the urgency of climate change - extreme weather events - we knew a lot of people would be here," Blotnick said.

CEO Brian Moynihan pointed out that BofA also funnels billions into new energy initiatives, but he did not make any promises to pull funding from companies that mine coal.

Environmental concerns aside, BofA enjoyed the most upbeat and relaxed meeting it has had in years.

Moynihan even cracked jokes, and had the room responding.

The bank's stock is up nearly 60 percent from last May, and BofA has finally put the majority of its mortgage-related lawsuits behind it.

Copyright WBTV 2013. All rights reserved.

Powered by WorldNow