DES MOINES, Iowa/NEW YORK — Wells Fargo & Co investors gave strong backing to the bank’s directors and executives on Tuesday, indicating they are ready to give its revamped leadership time to rebuild from scandal despite a noisy annual shareholder meeting.Wells Fargo executives said each of the bank’s 12 director nominees received more than about 89 percent support from investors and about 92 percent of shares were cast in favor of the pay of Chief Executive Tim Sloan and other leaders.The figures amounted to a relatively strong outcome, especially when compared with last year.At the bank’s 2017 meeting in Florida, the first since the sales scandal drew sustained national attention, only three of the board’s 12 directors received more than 90 percent of shareholders’ support and then-Chairman Stephen Sanger received just 56 percent approval.On average, S&P 500 directors usually get around 92 percent, and pay is backed by around 89 percent of votes cast, according to pay consultant Semler Brossy.The results signal investors are giving the new board members and other changes a chance, said Jill Fisch, a University of Pennsylvania Law School professor and corporate governance expert.“The company has made a lot of dramatic moves, and shareholders seem to be saying they appreciate it and are going to wait to see if they are successful,” Fisch said.Though occasionally confronted by protesters and skeptics, Sloan and bank Chair Elizabeth Duke mostly stayed on their message of atonement during the 2-1/2 hour meeting.They faced tough questioners on topics including environmental issues and their business with firearms makers at a time when other banks have reviewed or cut back on those relationships.But they received loud applause a number of times from the audience of several hundred in the Des Moines Marriott hotel ballroom.When California State Treasurer John Chiang rose to challenge Sloan’s pay, Duke responded that “I disagree with your analysis of it.
Wells Fargo Investors Back Leaders, Despite Protests At Annual Meeting In Des Moines
Reuters, The Gazette (Cedar Rapids)
Wed, 04/25/2018 - 5:25am
Sections: u.s.
Topics: Iowa Linn County Cedar Rapids
RELATED ARTICLES
- No one hurt in Cedar Rapids house fire
CEDAR RAPIDS — A house owned by a landlord who is in a nuisance property dispute with the city over other rentals was damaged in a fire early Tuesday, fire officials said. More - Iowa state park camping fees increase for the first time in 20 years
Campers at Iowa’s state parks this year will pay a few more dollars a night to put up a tent or park their recreational vehicle, with the largest increases coming at state parks with the most visitors and amenities. More - Legislative Iowa budget work underway
DES MOINES — A sure harbinger of adjournment for the 2021 legislative session happened Monday when the Senate Appropriations Committee advanced the first state budget bill — even if the end still is weeks away. More - Anamosa prison murders linked to staffing shortages, labor union says
The murders of two employees at the Anamosa State Penitentiary March 23 are the climax of chronic staffing shortages at the state’s prisons, according to a labor union that represents prison workers. More - Find the perfect quilt this weekend at Quilt Amana, inaugural show and sale in Amana Colonies
AMANA — Tradition binds the old and new worlds of the historic Amana Colonies, and this weekend, the fabric of both realms will be on display at the inaugural Quilt Amana. More
Welcome to Wopular
Wopular is an
online newspaper rack,
giving you a summary view of the top headlines from the top news sites.
Senh Duong (Founder)
Wopular,
MWB,
RottenTomatoes
MoviesWithButter : Our Sister Site
- "Expendables 4" Starts Shooting This Fall, Says Randy Couture at the Arnold Sports Festival more
- “Expendables 4” Gets Funding Interest from “Ip Man 3” Financier more
- "Ip Man 3" Distributor Suspected of Box Office Fraud, Parent Company Loses $200M in Market Cap more
- Yen Targets "Ip Man 4" for 2018 Release; Discusses Film with Director, Producer more
- "Ip Man 3" Shatters Expectations with $72M Opening [China Box Office] more