VEA Vice Chair Nell Minow is quoted in an LA Times story about Wells Fargo:
Yet it’s likely “nothing” will be done with the compensation of Tolstedt and other executives because the decision is being made by Wells Fargo, said Nell Minow, vice chair of ValueEdge Advisors, which promotes strong corporate governance.
“At the end of the day it’s still a judgment on the part of management and they’re judging themselves,” she said.
Minow said the “best bet a company has for getting some of the money back is to characterize [Tolstedt’s] departure as a firing for cause, which they have ample reason to do.”
Wells Fargo and Tolstedt declined comment.