UCF, Investors Call on Wells Fargo to Shape Up
Investors, customers and stakeholders continue to be appalled by the actions of Wells Fargo in creating false accounts to drive up revenues and fees. United Church Funds has been a part of an investor group meeting with the company for several years to encourage them to examine the conduct that led Wells and other financial institutions to the banking crisis in 2008 and to rectify any lingering weaknesses. This latest scandal that has rocked the company is in direct violation of the company’s Vision and Values policy which they heralded in meetings with us. UCF will be part of a contingent of investors using shareholder resolutions to call for deeper remedies in the 2017 shareholder season. While the company has responded to date by instituting a performance pay clawback and announcing CEO/Chairman John Stumpf’s immediate retirement, investors will not be satisfied until safeguards are enacted to ensure this does not happen again.
To learn more about the various shareholder resolutions that will be a part of the 2017 response, please see the recent press release from the Interfaith Center on Corporate Responsibility here.