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Citibank Bank of America Appeals, Vote Against Racial-Equity Audits

Citibank Bank of America urge shareholders to vote against the Racial-Equity Audits. Three of the nation’s biggest banks are in support of the public in the fight against racism. Banks state that they showed enough cooperation to the equity issues erupting in the nation. Today, they are asking shareholders to vote against the Racial-Equity resolutions. They expressed their solidarity in the Black lives matter movement last year, and stand to affirm in their pursuit to combat racism.

“While we disagree with the overall approach in this proposal, we are completely aligned with its stated goal of addressing racial inequity in the financial sector,” Citi said in its proxy filed Wednesday.

Citigroup Inc., Wells Fargo & Co, Bank of America Corporation.,  are among many of the public organizations that stood against the protests incurred last summer. All of them released public statements against the blatant attacks that killed police officers George Floyd and Breonna Taylor.

Citibank, Bank of America along with many big banks have been influential in certainly greater access to banking and mortgages for communities of color. The shareholder’s proposal urges the banks to examine their practices and theories. It also advises them to identify ways to avoid adverse impacts on the nonwhite stakeholders across the States, something the banks ought not to do in previous scenarios.

The proposals are included in proxy statements to shareholders, which allow the companies to support or oppose shareholder resolutions and explain why ahead of a vote at their annual meetings. Citibank, Bank of America pointed out their $1 billion commitment to standby the Black lives matter movement. And also suggested various other banks invest their capital in black businesses for rescinding all kinds of racist movements happening against the communities of color.

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