BROWSE BY TOPIC
Stories of Interest
- CFTC Chair Giancarlo Appoints Bruce Tuckman as Chief Economist
- Twice-Convicted Ex-Jefferies Trader Litvak Faces Prison After Losing Bail Request
- Wells Fargo Hikes Full-Year S&P 500 Target
- SEC Institutes Administrative Proceedings Against Shkreli
- Goldman's Lloyd Blankfein Seems to be Making a Habit Out of Trolling Trump
- Goldman on Hunt for Star Traders to Revive Struggling Commodities Unit
- Yahoo Owes Millions for Busting NCAA Tourney Bracket Deal
- JPMorgan Joins 21st Century Fox in Fighting 'Deep Divisions Across Our Country'
- Please, God, Save Gary Cohn From Himself: The Case for Resigning
- Regulatory Considerations When Bringing on a New Advisor
- Why Deutsche Bank is at Mercy of Regulators
- U.S. Treasury Auction Class-Action – Federal Judge Causes Interminable Delay
- Mnuchin Rejects Calls to Resign and Defends Trump
- Best Time to Go to the U.S. (Tennis) Open Tourney - Before It Starts on August 28
- Stifel Prevails in Arbitration But Ex-Hilltop Employees Hit with Awards - Bill Singer
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
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.