A very poor message to send to the shareholders when the bank is dealing with the ongoing sales scandal…
Florida’s Sawgrass Marriott Golf Resort & Spa offers the kinds of amenities you’d expect from a swanky venue overlooking the Atlantic coast: two championship golf courses, villas with private balconies, therapy baths and massage lessons.
It’s also where Wells Fargo will hold its annual meeting for shareholders next month, the San Francisco bank said in a regulatory filing last week. It will be the first such gathering since regulators fined Wells in September over its sales scandal.
But at a time when Wells is trying to move past the scandal, the choice of the Ponte Vedra Beach venue is sparking fresh criticism from shareholders already angered by revelations of its sales practices.
“This is an indication that the company didn’t assess the value of being more humble in light of the scandal and are asking shareholders to find a place to stay that is off the beaten path because they don’t want to be exposed to protesters,” said Sister Nora Nash, a nun with the Sisters of St. Francis of Philadelphia, which owns Wells Fargo shares.
“It’s a very poor public message of visibility at a time when the company should begin to display a new culture that it not insular,” she said.