An expected investor revolt at Wells Fargo’s annual meeting failed to materialize Tuesday as shareholders voted to re-elect 12 board members and elect three more nominated by the company.
While many shareholders are by now largely immune to the transgressions of the U.S. banking sector, Wells Fargo’s recent phony account scandal has given even the most hardened cynics pause.
Even in the event of a landslide, throw-the-bums-out investor vote over director seats next week, expect business as usual in Wells’ boardroom for a long while.
The 110-page document offers plenty of new details about what went wrong at the megabank but may leave shareholders wanting a truly independent investigation.
The company appointed a representative of Stilwell Group to its board. Stilwell, meanwhile, agreed to back Delanco's board nominees and refrain from pushing for the company's sale.
The San Francisco bank is trying to turn the page with a new report that mostly pins blame on executives who have either left the company or been demoted, but the report shows the misconduct went further back than previously acknowledged.
