Agenda – Incentive Pay Under Fire

Sen. Elizabeth Warren (D-Mass.) has Wells Fargo & Co. in her cross hairs again. Last week newly elected board chair Stephen Black received a letter from the Massachusetts senator asking for details on CEO Charles Scharf’s compensation incentives, including specific metrics regarding governance and regulatory compliance targets and Scharf’s performance against them. On the same…

Agenda – Wells Fargo Board Uses Pandemic as Excuse to Boost Pay

Why why why why should the pandemic be a reason to waive performance goals? Performance goals are supposed to be based on performance standards as set ahead of time. The reason for failing to meet them should not matter. Wells Fargo board of directors: Steven D. Black , Co-CEO, Bregal Investments, Inc. Mark A. Chancy , Retired…

Two senators demand answers from Wells Fargo following NBC News reports

Citing a recent investigation by NBC News, two U.S. senators have asked the chief executive of Wells Fargo to answer extensive questions about the bank’s practice of pausing mortgage payments for borrowers without their consent under a federal program designed to help homeowners financially hurt by COVID-19. The senators, Elizabeth Warren of Massachusetts and Brian…

Wells Fargo’s Testimony Left Some Feeling Shortchanged – The New York Times

VEA Vice Chair Nell Minow is quoted in the Gretchen Morgenson New York Times story about the latest revelations of 1.4 million fraudulent accounts at Wells Fargo and the very unusual decision to pay separate lobbyists to represent the outside directors. “What exactly are the shareholders getting out of this arrangement?” asked Nell Minow, a…