Wells Fargo Announces Preliminary Voting Results of 2017 Annual Meeting
April 25 2017 - 12:59PM
Business Wire
All 15 Directors Receive Majority of Votes
Cast
‘Say on Pay’ Approved with 96% of
Votes
Wells Fargo & Company (NYSE: WFC) announced that based on
preliminary voting results at today’s 2017 Annual Meeting of
Stockholders all 15 directors were re-elected with a majority of
the votes cast, ranging from 53 to 99 percent in favor.
Stockholders also approved the 2016 compensation of the company’s
executives named in its proxy statement (“Say on Pay”), ratified
the appointment of KPMG LLP as the company’s independent auditors
for 2017, and voted to have future votes on named executives’
compensation every year. Stockholders did not approve the six
stockholder proposals presented at the meeting.
Stephen Sanger, Chairman of the Board, made the following
statement:
“Wells Fargo stockholders today have sent the entire Board a
clear message of dissatisfaction. 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.
“In our conversations with stockholders, many have told us they
support the substantial and wide-ranging actions taken by the Board
and management over the last seven months to address the root
causes of sales practice issues, enforce accountability and ensure
that such improper behavior is not repeated. Yet they also feel the
understandable need to hold the entire Board accountable for not
moving quickly enough before that to address these issues – and
that is the reason why all except our newest directors received
support from 80 percent or less of shares voted today.
“The Board is steadfast in our commitment to continue to
strengthen oversight and accountability while working closely with
management to keep improving Wells Fargo. We thank the stockholders
who supported us and we will continue our engagement with
stockholders and other stakeholders in the months and years
ahead.”
Based on preliminary voting results, the approximate percentage
of votes cast in favor of each director are as follows:
- John D. Baker II – 70%
- John S. Chen – 70%
- Lloyd H. Dean – 62%
- Elizabeth A. Duke – 75%
- Enrique Hernandez, Jr. – 53%
- Donald M. James – 77%
- Cynthia H. Milligan – 57%
- Karen B. Peetz – 99%
- Federico F. Peña – 54%
- James H. Quigley – 65%
- Stephen W. Sanger – 56%
- Ronald L. Sargent – 99%
- Timothy J. Sloan – 99%
- Susan G. Swenson – 67%
- Suzanne M. Vautrinot – 80%
Based on preliminary voting results, the votes in favor of each
Company proposal as an approximate percentage of shares present in
person or by proxy at the annual meeting and entitled to vote on
the item are as follows:
- Advisory resolution to approve
executive compensation – 96%
- Advisory proposal on the frequency of
future advisory votes to approve executive compensation – 92% for
Every Year (option receiving majority support)
- Ratify the appointment of KPMG LLP as
the Company’s independent registered public accounting firm for
2017 – 97%
Based on preliminary voting results, the votes in favor of each
stockholder proposal as an approximate percentage of shares present
in person or by proxy at the annual meeting and entitled to vote on
the item are as follows:
- Retail Banking Sales Practices Report –
22%
- Cumulative Voting – 8%
- Divesting Non-Core Business Report –
3%
- Gender Pay Equity Report – 15%
- Lobbying Report – 8%
- Indigenous Peoples’ Rights Policy –
17%
The stockholder vote percentages announced at the meeting and
reflected above are considered preliminary until the final results
are tabulated and certified by an independent inspector of
elections. The final results will be reported on a Form 8-K that
will be filed with the Securities and Exchange Commission (SEC)
later this week and available at the SEC's website at
www.sec.gov.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $2.0 trillion in
assets. Founded in 1852 and headquartered in San Francisco, Wells
Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through more than 8,500 locations,
13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and
has offices in 42 countries and territories to support customers
who conduct business in the global economy. With approximately
273,000 team members, Wells Fargo serves one in three households in
the United States. Wells Fargo & Company was ranked No. 27 on
Fortune’s 2016 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2016, as
filed with the Securities and Exchange Commission and available on
its website at www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20170425006445/en/
MediaSard Verbinnen & Co.George Sard, Paul Scarpetta,
Chris Kittredge, 212-687-8080WellsFargo-svc@sardverb.comorWells
Fargo & CompanyMark Folk, 704-383-7088Ancel Martinez,
415-222-3858orInvestorsWells Fargo & CompanyJim Rowe,
415-396-8216
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