Bank of America 2015 Annual Report Download - page 2

A Note of Introduction from Lead
Independent Director, Jack Bovender
Responsible Growth
When we look at where we
stand today, our company is
stronger, simpler, and better
positioned to deliver long-
term value to our shareholders,
thanks to the straightforward
way in which we serve our
customers and clients. The
path forward is clearly one
of responsible growth.
Responsible growth has
four pillars:
 Grow and Win in the
Market — No Excuses
Page 
 Grow With Our
Customer-Focused
Strategy Page 
 Grow Within Our Risk
Framework Page 
 Grow in a Sustainable
Manner Page 
To our shareholders:
On behalf of the directors of your company, I join our CEO and the management
team in thanking you for choosing to invest in Bank of America.
I also want to take this opportunity to add to Brian’s letter, which highlights
the Board’s independent oversight of management and our focus on building
long-term shareholder value.
You are represented by a strong independent Board. As a steward of the
company on your behalf, the Board is focused on the active and independent
oversight of management. The Board oversees risk management, our
governance, and carries out other important duties in coordination with Board
committees that have strong, experienced chairs and members. To enhance
the Board’s effectiveness, we conduct intensive and thoughtful annual self-
assessments, regularly evaluate our leadership structure, and review feedback
from shareholders. We have strengthened our director recruiting process to
deepen our diversity of thought and experience, broaden our demographic,
and bring on fresh perspectives that invigorate our discourse with management
and with each other. We are committed to engaging with shareholders, and
we have made enhancements to our corporate governance practices that are
informed by the feedback from our engagement.
The Board also regularly evaluates the company’s strategy, operating
environment, performance, and the progress your company is making
toward its goals. Over several days each fall, in anticipation of the coming
year, we engage in a thorough review with management of the company’s
multi-year strategy. We assess how the company has performed against
the prior year’s plan. We examine how well the businesses are delivering for
our customers and clients under the strategic plan, as well as the processes
the company has in place to increase revenue, manage risk and expenses,
and grow. We also consider the operating environment and management
assumptions about how the environment will affect the company’s results
and returns. During our regular meetings throughout the year, we further
monitor and evaluate shorter-term issues and how they may impact the
company’s execution of its strategy and its progress toward building
long-term shareholder value.
Throughout 2015, I had the pleasure of continuing to meet with our
shareholders to discuss our strategic planning process and corporate
governance practices. Hearing directly from these shareholders, as well as
from regulators with whom we regularly visit, provides me and the other
independent Board members important perspective. I look forward to more
meetings in 2016.
I encourage you to carefully review this report, our 2016 proxy statement, our
forthcoming Business Standards Report, and the other materials the company
makes available to shareholders to better understand the opportunities and
challenges ahead and the company’s work to execute its strategy.
We remain committed to building long-term value in the company and returning
value to you, our shareholders.
Sincerely,
Jack O. Bovender, Jr.
Lead Independent Director