Glass Lewis asks Wells Fargo investors to vote against six directors
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Proxy adviser Glass Lewis on Tuesday recommended that Wells Fargo & Co shareholders vote against six directors at an upcoming annual meeting, in protest of improper sales practices in its retail bank.
Wells Fargo’s shareholders are expected to vote on the election of directors, executive pay and other shareholder proposals at the company’s annual meeting on April 26.
Wells Fargo reached a $185 million settlement with regulators in September over creating what it then said could be as many as 2.1 million accounts in customers’ names without their permission.
The U.S. bank has since encountered more government probes and lawsuits, and its board recently said an internal review may uncover more problematic accounts.
The board plans to release its findings ahead of the annual meeting.
John Baker, John Chen, Lloyd Dean, Enrique Hernandez, Cynthia Milligan and Susan Swenson are the directors Glass Lewis wants replaced.
(Reporting by Laharee Chatterjee in Bengaluru- Editing by Maju Samuel)
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