SHAREHOLDER ACTIVISTS REBUFFED
Wells Fargo not eager to probe cause of scandal
Draft document shows Wells Fargo board plans to oppose resolution filed by shareholder activists led by the Sisters of St Francis of Philadelphia
Boston — The board of Wells Fargo plans to oppose a resolution filed by shareholder activists led by the Sisters of St Francis of Philadelphia seeking a review of the root causes of the bank’s unauthorised accounts scandal, according to a draft document seen by Reuters. The draft, dated February 10, states the board’s position on the measure, which is to be included in its forthcoming proxy for the upcoming shareholder meeting. The board’s position is that because the bank has its own investigation and reforms under way, the concerns raised by the proposal are being attended to. "Our board and our company believe we are already providing through our current and anticipated future disclosures … the information requested by this proposal," says the document. A continuing disagreement over the resolution could complicate the bank’s drive to regain shareholder confidence. A Wells Fargo spokesman, Mark Folk, declined to comment on whether the draft was still the bank’s position. Tim Smit...
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