Advisory firm: Vote out most of Wells Fargo’s board
By KEN SWEET
An influential firm that advises big shareholders is saying that the majority of Wells Fargo’s board of directors should be removed at the bank’s annual shareholder meeting this month, accusing the board of having a lack of oversight over the bank’s sales practices.
Institutional Shareholder Services said Friday that Wells Fargo investors should vote against retaining 12 out of the 15 members of the bank’s board. The only members of the board ISS advises investors to vote for are the two members of the board who were elected after the sales practices scandal broke, and Tim Sloan, the recently appointed CEO.
ISS is also advising investors to vote in favor of a report on the bank’s business practices.
Wells Fargo’s annual meeting is April 25 in Jacksonville, Florida.