Activist says Wells Fargo to face critical shareholder resolutions By Reuters

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Activist says Wells Fargo to face critical shareholder resolutions

Published Sep 14, 2016 03:17PM ET

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Activist says Wells Fargo to face critical shareholder resolutions

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BOSTON (Reuters) - An activist investor said on Wednesday it is "inevitable" that Wells Fargo & Co (N:WFC) will face critical shareholder resolutions after the giant bank agreed to a $190 million settlement with regulators over fake consumer accounts.

Tim Smith, who leads shareholder engagement efforts at Walden Asset Management in Boston, said his firm is talking with investors including state pension funds and labor groups about submitting resolutions for the bank's springtime shareholder meeting that may call for things like clawing back the pay of executives or requiring the company to report on its governance procedures.

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Comments (1)

Robert Ace Sep 14, 2016 3:27PM ET

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What about the $125 mill paid out to the exec who oversaw the fake account scam? Or was she not aware of it so she gets a pass?

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