Wells Fargo shareholders approved all 15 nominees to the bank's board and the pay for the company's top executives in a non-binding vote at its annual general meeting on Tuesday.
Reuters reports that investors voted against two shareholder proposals – one that called for an independent chairman and one that required Wells Fargo to provide a report on its lobbying activities.
Wells Fargo's board had recommended shareholders vote against the proposals.
Only 17% of the vote was in favour of the company requiring an independent chairman. The proposal has failed for 11 years now going back to 2006, according to Proxy Monitor.
John Stumpf is Wells Fargo's chairman and chief executive.
To access the complete Reuters article hit the link below:
Wells Fargo investors approve board and pay for top executives
Investors want mutual funds to get tougher on CEO pay - Reuters/Ipsos poll