Wells Fargo, on its webpage states: “As part of its commitment to transparency, Wells Fargo agreed to develop the Business Standards Report following a shareholder proposal from a group of shareholders led by the Interfaith Center on Corporate Responsibility. To create the report, Wells Fargo worked with more than 175 leaders and team members under the guidance of the Board of Directors and the company’s top-level Operating Committee.”
The Wells Fargo Business Standards Report was the result of several shareholder resolutions and meetings with the CEO and other Executives. The company supported the proposal when it appeared on the proxy, with a commitment to continued engagement.
The investors, including the Sisters of St. Francis of Philadelphia, continue to seek transparency and monitor performance in light of the company’s past violations of trust, ethics, human rights, and failures to respect employees and customers. The company continues to reckon with its commitment to bringing about change in its culture, risk management, customer services and corporate citizenship.