New York City Pension Funds to Vote Against 10 of 15 Wells Fargo Directors

A number of public pension funds have come out against directors on Wells Fargo & Co.’s board, just days ahead of the what is shaping up to be a contentious annual shareholder meeting for the embattled bank.

New York City’s Office of the Comptroller, which oversees pension funds that own about 11.5 million shares or about 0.23% of Wells Fargo shares outstanding, said it would oppose re-election of 10 out of 15 of the San Francisco bank’s directors. That includes the bank’s nonexecutive chairman, Stephen Sanger, plus all but two members of the board’s risk, audit and human-resources committees.

Additionally, California State Teachers’ Retirement System, or Calstrs, said it voted its 11.6 million shares against nine board members, including Mr. Sanger.

Read on.

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