4/27/17 – Sr. Nora Nash shares what happened inside the AGM with Wells Fargo. Read more
4/24/17 – BankThink Wells Fargo Investors Should Apply Pressure to Repair the Damage
We will be in Jacksonville, Fla., at the Wells Fargo annual meeting on Tuesday to present our resolution to fellow shareholders requesting a “Review and Report on the Business Standards,” including a full accounting of the systemic failures that allowed the bank’s unethical practices to flourish.
While many shareholders are by now largely immune to the transgressions of the U.S. banking sector, Wells Fargo’s recent phony account scandal has given even the most hardened cynics pause, likely due to the incredible breadth of the bank’s fraud. But it is important to note the historical context here as Wells Fargo has repeatedly had to settle with federal regulators over how it has treated customers. This indicates to us a more persistent and systemic problem with the company’s culture. Read more
3/28/17 – The Sisters of St. Francis of Philadelphia are the lead filer with 16 other investors plus several dozen investors are calling on Wells Fargo Bank to do a review and report on the scandal enveloping the Bank and steps to put new checks and balances in place.
As part of a long-term dialogue with the company, and in the context of the fraudulent cross-selling scandal, the resolution asks the Board of Directors of Wells Fargo Company for enhanced disclosure on the steps taken to improve culture, ethics, reputation, aligning incentives with customers’ best interests, risk management, governance and control processes in order to rebuild trust and give assurance to shareholders that risks contributing to the present scandal are now well understood and will be properly managed to prevent future crises. Read more
03/16/17 – The Sisters of St. Francis of Philadelphia are disappointed that the Wells Fargo Board recommended a vote against our resolution requesting a Business Standards Review. ICCR Investors are seeking extensive information that will set the course for real systemic change in culture, ethics, values, and financial sustainability. Wells Fargo has already begun to address the issues that the proposal delineated and the company response is in agreement with our proposal in other than the actual vote itself. We believe that we will get a strong YES vote from shareholders. As faith-based investors, we will continue to hold the company accountable and responsible to customers, employees, and communities. We will continue to press for on-going risk assessments, monitoring, and further disclosure of unethical practices.
NY Times: Wells Fargo Leaders Reaped Lavish Pay Even as Account Scandal Unfolded Read more
The L.A. Times published a good article about it: Read more
Fortune.com: Read more
12/29/16 – Wells Fargo Locks Horns With Some Shareholders Over Proxy Proposals: Read more
12/10/16 – Update on Resolution- Where Wells Fargo Goes From Here – Business Ethics Read more.
10/10/16– Shareholders Challenge Wells Fargo. Read more
Article: Religious investors lose faith in Wells Fargo after scandal | Reuters
Article: Religious activist investors push Wells Fargo over fake accounts scandal – Philadelphia Business Journal