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Wells Fargo’s chief executive told shareholders he is “deeply sorry” for the US bank’s sham account scandal as he took the stage at the first annual meeting since it erupted last year.
“You expect and deserve much more from us,” said Tim Sloan at a hotel conference venue on the outskirts of Jacksonville on Monday morning. The 300-capacity venue was nearly full.
“We are facing these problems head on… Wells Fargo is emerging a much stronger company.”
If shareholders follow through on the advice of leading proxy advisory services ISS and Glass Lewis and vote against the reelection of directors, it would be the first time in at least a decade that board members of an S&P 500 bank have been repudiated by investors.
Votes against directors are extremely rare. Of the more than 37,000 directors of S&P 500 companies who have been up for election in the 10 years to the start of 2017, only 57 have failed to secure majority support.