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Wells Fargo board gets black eye in shareholder vote
Business News | Tue Apr 25, 2017 | 2:09pm EDT
Wells Fargo board gets black eye in shareholder vote
By Dan Freed and Ross Kerber | PONTE VEDRA BEACH, Fla./BOSTON
Wells Fargo & Co (WFC.N) shareholders showed displeasure with the scandal-hit bank's board on Tuesday, offering scant support for several directors, including Chairman Stephen Sanger, in a vote capping a contentious annual meeting. ... Only three directors received more than 80 percent support from voting shareholders, a benchmark corporate governance experts cite as a vote of confidence. Sanger received just 56 percent approval.
"Wells Fargo stockholders today have sent the entire Board a clear message of dissatisfaction," Sanger said in a statement. "Let me assure you that the Board has heard that message, and we recognize there is still a great deal of work to do to rebuild the trust of stockholders, customers and employees."
Two directors, Federico Peña and Enrique Hernandez, received even less support than Sanger, at 54 percent and 53 percent, respectively. The two directors chair board committees related to risk, finance or corporate responsibility.
The meeting, which ran nearly three hours, was repeatedly interrupted by angry shareholders seeking answers about the bank's sales practices scandal. There was a brief recess after one shareholder made what Sanger called a "physical approach" toward a board member and was removed. ... "You're saying we're out of order. Wells Fargo has been out of order for years!" said Bruce Marks, chief executive of Neighborhood Assistance Corporation of America, before being ejected. ... Other shareholders were escorted out, as they demanded answers related to the bank having created as many as 2.1 million accounts in customers' names without their permission.
Wells Fargo board gets black eye in shareholder vote
By Dan Freed and Ross Kerber | PONTE VEDRA BEACH, Fla./BOSTON
Wells Fargo & Co (WFC.N) shareholders showed displeasure with the scandal-hit bank's board on Tuesday, offering scant support for several directors, including Chairman Stephen Sanger, in a vote capping a contentious annual meeting. ... Only three directors received more than 80 percent support from voting shareholders, a benchmark corporate governance experts cite as a vote of confidence. Sanger received just 56 percent approval.
"Wells Fargo stockholders today have sent the entire Board a clear message of dissatisfaction," Sanger said in a statement. "Let me assure you that the Board has heard that message, and we recognize there is still a great deal of work to do to rebuild the trust of stockholders, customers and employees."
Two directors, Federico Peña and Enrique Hernandez, received even less support than Sanger, at 54 percent and 53 percent, respectively. The two directors chair board committees related to risk, finance or corporate responsibility.
The meeting, which ran nearly three hours, was repeatedly interrupted by angry shareholders seeking answers about the bank's sales practices scandal. There was a brief recess after one shareholder made what Sanger called a "physical approach" toward a board member and was removed. ... "You're saying we're out of order. Wells Fargo has been out of order for years!" said Bruce Marks, chief executive of Neighborhood Assistance Corporation of America, before being ejected. ... Other shareholders were escorted out, as they demanded answers related to the bank having created as many as 2.1 million accounts in customers' names without their permission.
Full disclosure: I own shares of WFC. I am not posting this out of any financial interest, but because their sales practices have been in the news recently. I had noticed that the meeting was today, so I did not vote my shares.
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