Wells Fargo shareholders elect board, reject proposals

Wells Fargo & Company (NYSE:WFC) held its annual shareholders’ meeting on April 29, 2025, where all 13 director nominees were elected, and key proposals were voted upon. The meeting saw shareholders approve executive compensation and ratify the appointment of KPMG LLP as the independent auditor for 2025.

The elected directors received a majority of the votes cast in favor of their election. The advisory vote on executive compensation, commonly known as "say on pay," was also approved by shareholders, with over 92% of votes cast in favor. This strong shareholder support comes as Wells Fargo trades at an attractive P/E ratio of 13.2 and has maintained dividend payments for 55 consecutive years.

Shareholders ratified the appointment of KPMG LLP as the company’s independent registered public accounting firm for 2025 with a significant majority vote of 94.41%.

However, four shareholder proposals did not receive majority support. These proposals included an annual report on the prevention of workplace harassment and discrimination, a report on the congruency of political spending with corporate values, an energy supply ratio, and a report on respecting Indigenous peoples’ rights.

The results of the votes, including the percentage of votes cast for and against each proposal, were reported by rounding fractional share voting to the nearest round number.

This information is based on a press release statement from Wells Fargo & Company, detailing the outcomes of the votes at the 2025 Annual Meeting.

In other recent news, Wells Fargo & Company has announced a quarterly dividend of $0.40 per share, set for distribution on June 1, 2025, to shareholders recorded by May 9, 2025. Additionally, the company’s board has approved a new stock repurchase program with a $40 billion limit, which will begin after the current buyback program concludes. In legal developments, Wells Fargo disclosed a proposed settlement in a shareholder derivative lawsuit concerning oversight in compliance with regulatory consent orders. The settlement has received preliminary approval from the Superior Court of California and aims to resolve allegations related to the bank’s governance practices.

Furthermore, Wells Fargo has issued a series of medium-term notes, including $3 billion in Senior Redeemable Fixed-to-Floating Rate Notes due in 2036, along with other notes due in 2031 and 2029. This move is part of their strategy to manage debt and fund operations. In regulatory news, the Consumer Financial Protection Bureau’s 2018 consent order regarding Wells Fargo’s compliance risk management program has been terminated, marking progress in addressing regulatory concerns. Meanwhile, Truist Securities has lowered its price target for Wells Fargo to $180 from $285, citing economic uncertainties but maintaining a Buy rating. These developments reflect Wells Fargo’s ongoing efforts to strengthen its financial and operational standing.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.