Wells Fargo to oppose nuns on review resolution: document

The board of Wells Fargo & Co plans to oppose a resolution filed by shareholder activists led by the Sisters of St. Francis of Philadelphia seeking a review of the root causes of the bank’s unauthorized accounts scandal, according to a draft document seen by Reuters.

The draft dated Feb. 10 states the board’s position on the measure, to be included in its forthcoming proxy for this year’s springtime shareholder meeting, is that because the bank has its own investigation and reforms under way, the concerns raised by the proposal are being addressed.

According to the document, “our Board and our Company believe we are already providing through our current and anticipated future disclosures…the information requested by this proposal.”

An ongoing disagreement over the resolution could complicate the bank’s drive to regain shareholder confidence.

Read on.

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