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- White House Now Doesn’t Dispute Details of Trump's Call with Army Widow
- Goldman Sachs’ Lloyd Blankfein Just Threw Some Serious Brexit Shade
- Guggenheim Partners ‘Bank Wrecker’ Could Get $100Mn Exit Package
- Proposed Arbitration Rule Change: For Customers Dealing with an Inactive Firm or Associated Person
- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
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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.