The ongoing difficulties that Wells Fargo has experienced stemming from the phony account scandal certainly serves as a learning point for chairmen and directors alike.
Recently, before the Wells annual stockholders meeting in April, one of the proxy advisory firms advised Wells’ stockholders to vote against 12 of the 15 directors at the gathering.
As you might suspect, Wells Fargo was not too happy with that recommendation, stating that the proxy firm had failed to take into account the company’s ongoing efforts to strengthen oversight and rebuild customer trust.
