Statement From NYC Comptroller Stringer on Wells Fargo’s Board of Director Election
April 25, 2017
(New York, NY) – Today, shareowners strongly voted against members of Wells Fargo’s Board of Directors, with four of its fifteen members — including Chairman Stephen Sanger — receiving less than 60% of votes cast. Typically, unopposed board directors receive roughly 95% support in these elections. New York City Comptroller Scott M. Stringer released the following statement:
“Wells Fargo committed a decade-long fraud at the expense of everyday New York City workers, as well as Wells Fargo’s customers and employees. It’s a scandal that came to fruition largely because of massive oversight failures and a culture that put profits ahead of ethics and long-term shareowner value. Responsibility ultimately rests with the Board of Directors.
“Today’s outcome is a stunning rebuke. Investors have lost faith in Wells Fargo’s board. This vote demonstrates that these directors no longer have a mandate. Investors want change. These wrongs need to be made right. Accountability matters.”
Since Wells Fargo’s fake account scandal came to light, New York City Comptroller Scott M. Stringer has been a leading voice for accountability and reform at the bank. In September, Comptroller Stringer sent a letter to Wells Fargo’s Board urging them to clawback pay from then-Chairman and CEO John Stumpf and former Senior Vice President Carrie Tolstedt — an action the Board took less than a week later. On behalf of the New York City workers whose pensions are invested in the bank’s stock, Comptroller Stringer voted against ten of Wells Fargo’s Directors.