FOR IMMEDIATE RELEASE
As a significant shareholder, Oregon trust funds will press for structural reforms at Wells Fargo
Oregon Treasury engages with public companies to enhance long-term value and drive sustainable returns
SALEM – State Treasurer Ted Wheeler announced today that Oregon trust funds, which hold substantial shares of Wells Fargo & Co., will press for management structure and executive compensation reforms in the wake of a scandal in which company employees created millions of fraudulent accounts, and then received bonuses as a reward for their fraudulent activities.
The Oregon State Treasury and Oregon Investment Council engage directly with public companies and also seek change via proxy votes to drive more responsible practices, enhance long-term value and increase the likelihood of sustainable returns.
“Ethics matter,” said State Treasurer Ted Wheeler, who also sits on the Oregon Investment Council. “As a responsible shareholder, we will hold corporate leadership accountable and demand reforms including a ban on bonuses connected to fraud.”