At yesterday’s annual meeting, Wells Fargo shareholders re-elected all 15 of the bank’s board members, a blog post on The Charlotte Observer first reported. “The bank said the ‘for’ votes … ranged from 53 percent to 99 percent of shares cast. … ‘The Wells Fargo stockholders today I think have sent the entire board a clear message of dissatisfaction,’ board chairman Stephen Sanger after the announcement.” The New York Times also has a report. A Yahoo Finance report noted that stockholders also re-appointed KPMG as the company’s independent auditors for 2017.
It’s rare for directors to receive less than 90% in a reelection. Shareholders definitely sent a few messages. That said, some director comments indicate to me that the message was not received by all. The directors were clear that they are moving on.
Also of note, Senators Elizabeth Warren (D-MA) and Edward J. Markey (D-MA) today sent a letter to the Public Company Accounting Oversight Board (PCAOB) “raising questions and releasing new information about KPMG’s role and findings as the independent auditor of Wells Fargo” during the sales practice scandals, according to a press release from Sen. Warren’s office.