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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.