Wells Fargo’s Stockholders to Have “Say on Pay”
Non-Binding Advisory Vote on Executive Compensation to be Cast at 2010 Annual Meeting of Stockholders
SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company's (NYSE:WFC) board of directors today announced the company's stockholders will have the opportunity to cast a non-binding advisory vote on executive compensation at the annual meeting of stockholders in April.
Stockholders will cast their non-binding vote on executive compensation for the five executive officers named in Wells Fargo's 2010 proxy statement. The officers include John Stumpf, chairman, president and chief executive officer, and four other named executive officers as determined by Securities and Exchange Commission (SEC) guidelines. The company's 2010 definitive proxy statement is expected to be filed with the SEC in mid-March.
This year's "say on pay" advisory vote by Wells Fargo stockholders will be the second vote of its kind in the company's history. The first was cast in 2009 and stockholders overwhelmingly approved the proposal.
The board's decision to provide a "say on pay" vote this year reflects its most recent evaluation of corporate governance, regulatory and executive compensation trends, as well as input received from Wells Fargo stockholders.
"Our stockholders have always been able to communicate with the board on matters of interest to them. This year's advisory vote gives them an additional opportunity for participation in the company's compensation process," said Steve Sanger, chair of the board's Human Resources Committee and retired chairman and CEO of General Mills Inc.
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
Posted: February 23, 2010
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