Mutually beneficial supplier relationships
Our Supply Chain team is responsible for the procurement of products and services for use by Bank of America and our affiliates and is driven by our Vendor Code of Conduct and our Human Rights Statement. Our focus and support includes:
- Fairness: We seek to have competitive procurement activities and bid processes that foster equal opportunity so that qualified companies can provide products and services that meet our requirements.
- Local Sourcing: We are committed to the growth and development of communities in which we do business. Where possible, we work with our supplier base to support local economies and reduce environmental impacts.
- Diversity: We aim to source from diverse suppliers, which include businesses owned by individuals who are minorities, veterans, women, lesbian, gay, bi-sexual or transgender, and individuals with disabilities.
- Environment: We survey a significant number of suppliers annually to assess their environmental practices and performance.
We expect our suppliers to operate in ways that are responsible and promote beneficial social and environmental outcomes. For our part, we pledge to treat our suppliers with respect, provide development opportunities and work as long-term partners in our business.
DELIVERING ON OUR GOALS
- We support the development of diverse suppliers through scholarships awarded by the Women’s Business Enterprise National Council and Minority Business News USA.
- We continue to enhance the social and environmental performance of our supply chain.
- We participate in the Carbon Disclosure Project’s supplier carbon footprint survey. In 2014, we requested disclosures from 192 vendors – an increase of 19 vendors over last year – and despite the expansion in the number of survey respondents, we achieved a best-in-class response rate of 91 percent, up from 88 percent in 2012 and 90 percent in 2013.
We’re committed to better, every day. To us, that means openness and transparency – and those are at the heart of our values and our code of ethics.
We make sure that the goods and services we purchase in our communities come from a wide range of sources, and suppliers have the potential to grow into long-term partners.