News: Wells Fargo recommends shareholders reject racial equity audit proposal.
(Reuters) – Wells Fargo & Co recommended shareholders vote against a proposal asking the bank to conduct a racial justice review, citing a comprehensive assessment of human rights issues already underway at the bank.
It is common practice for companies to advise shareholders to vote against resolutions on the annual proxy that are not put forward by management. Similar proposals have been made to other companies, but Wells Fargo is among the first to express their opposition.
Separately, the bank said Chief Executive Charlie Scharf’s compensation for 2020 fell from $ 34.3 million a year ago to $ 20.4 million, largely due to compensation for forfeited equity when he received from Bank of New York Mellon joined the company.
Reporting by Imani Moise; Adaptation by Chris Reese
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