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Stories of Interest
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
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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.