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BofA CEO Says He Understands Elon Musk’s ‘Frustration’ Over ESG

May 24, 2022, 9:07 AM

Bank of America Corp. Chief Executive Officer Brian Moynihan waded into the debate surrounding ESG ratings, and suggested that the irritation voiced by Elon Musk and others over how scores are generated isn’t entirely misplaced.

“I can understand the frustration” of Tesla Inc. CEO Musk over environmental, social and governance ratings that seem to penalize companies for reasons that can be hard to understand, Moynihan said during a panel on Tuesday at the World Economic Forum in Davos.

Brian Moynihan at the World Economic Forum in Davos, Switzerland, on May 24.
Photographer: Hollie Adams/Bloomberg

The comments feed into an ongoing debate over ESG ratings, which are only loosely regulated, amid criticism of the industry and ...