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Stories of Interest
- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
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NEWSLETTERS & ALERTS
All Wells Directors Win Re-Election, Though Most Should Resign
Chairman of the Board, Stephen Sanger, received a 56% approval vote. Two others received lower votes. Just three directors received more than 80% approval from voting shareholders. Sanger responded by observing:
"Wells Fargo stockholders today have sent the entire Board a clear message of dissatisfaction. Let me assure you that the Board has heard that message, and we recognize there is still a great deal of work to do to rebuild the trust of stockholders, customers and employees."
Nice, contrite. But that statement probably won't cut it with most investors, even though Wells Fargo's guidelines require that directors offer to resign only if they fail to receive a majority of votes cast.
Fact is, any directors who fail to get 80% support should probably resign - according to Charles Elson, a University of Delaware expert on corporate governance, who adds that those directors have "a lot of soul-searching to do." That said, few analysts and corporate governance experts said they expected few immediate changes, even if shareholders had rejected the board.
AND JUST FOR THE RECORD. The three directors who received 99% approval from voting shareholders were recent additions: CEO Tim Sloan, along with Ronald Sargent and Karen Peetz, who were added to the board in February.