Wells Fargo Board Recommends Voting Against Median Gender Pay Gap Proposal
March 18 2019 - 12:38PM
Dow Jones News
By Patrick Thomas
Wells Fargo & Co.'s (WFC) board of directors recommended
shareholders vote against two proposals, including one that would
require the bank to disclose its global median gender pay gap, the
company said in a Monday securities filing.
The gender pay gap is defined as the difference between male and
female median earnings expressed as a percentage of male
earnings.
The bank's board said the proposed median pay gap does not
reflect how it measures and monitors its progress in advancing
women and increasing representation. The bank said the proposal
doesn't take into account items such as geographic location or
other elements of the company's structure. Wells Fargo said in its
most recent proxy statement that female employees earn 99 cents for
every $1 earned by a male employee.
The bank said in the filing that other metrics, such as
percentage of female employees in senior roles, provide more
relevant information to investors.
Investment firm Arjuna Capital, which focuses on sustainable and
impact investing, submitted the proposal to the San Francisco bank.
It also sent similar median gender pay gap proposals to 12 other
companies that included banks such as JPMorgan Chase & Co.
(JPM), Wells Fargo and Bank of America Corp.
The Wells Fargo board also recommends voting against a proposal
that it report on incentive-based compensation and risks of
material losses.
The shareholder vote is set to take place on April 23.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
March 18, 2019 12:23 ET (16:23 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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