Bank of America CEO says new ESG rules are needed to reboot capitalism

Bank of America Chief Executive Brian Moynihan said Wednesday that current efforts to produce a set of official global standards on ESG issues were vital to “align capitalism with what society wants from it.”

Asked by CNBC’s Karen Tso at the World Economic Forum in Davos whether stakeholder capitalism needed a reboot through the creation of common standards for corporate disclosures, Moynihan said he was converted to the idea after seeing hundreds of companies sign up to the U.N.’s Sustainable Development Goals in 2017, followed by ongoing debate over what concepts like sustainability actually mean, and accusations of greenwashing.

“Without that definition, without that convergence, what you had is everybody defined it their own way. Somebody would think this issue’s important or this way to talk about it is important,” he said.

Environmental, social, and corporate governance (ESG) initiatives are increasingly discussed in corporate results and by senior business figures,

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Tourism rules, bank shuffling, national retailers highlight 2022 Yakima Valley business changes | Business

Higher prices due to inflation and the yearlong difficulty of finding employees didn’t prevent Yakima Valley businesses from opening new stores, restaurants or banks.

And the continuing importance of agritourism to the region’s economy was emphasized as Yakima County officials moved toward a new system and set of regulations for wineries, breweries and other businesses.

Yakima County’s jobless rate shows first increase of 2022

While some 2022 business news — such as changes to Valley Mall in Union Gap and the tough year for apple and cherry crops — were discussed in Friday’s Yakima Herald-Republic, here is a roundup of the past year’s business highlights as they were reported in The Bottom Line each Sunday.

Guitar Center

Nathan Ingle looks at electric guitars at Guitar Center on Wednesday, Jan. 26, 2022, in Union Gap, Wash.

National retailers move into Valley

Continuing a trend dating back at least

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