Nuns' pressure leads Wells Fargo to publish causes of 'systemic lapses in governance'

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Nuns’ pressure leads Wells Fargo to publish causes of ‘systemic lapses in governance’

Nuns’ pressure leads Wells Fargo to publish causes of ‘systemic lapses in governance’

CNBC-

A group of nuns and religiously-affiliated investors said Wells Fargo & Co. has agreed to publish a review that shows the root causes of the systemic lapses in governance and risk management that have led to ongoing controversies, litigation and fines. As a result of the company’s commitment, the Interfaith Center on Corporate Responsibility will withdraw a resolution filed for the 2018 proxy calling for the review.

Sister Nora Nash of the Sisters of St. Francis of Philadelphia led the engagement with Wells Fargo, along with 22 other co-filers who are members of the ICCR, a shareholder coalition that has been engaging the top seven U.S. banks on controversies around risk, ethics and culture for several decades. ICCR members were joined in the filing by the Offices of the Treasurer of the States of Rhode Island and Connecticut.

The group had sought to put its resolution to a vote at the lender’s annual meeting in April.

[CNBC]

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