Wells Fargo investors approve board and pay for top executives

Thomson ReutersA Wells Fargo bank logo is pictured on a building in North Miami, Florida

(Reuters) – Wells Fargo & Co 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.

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 percent of the vote was in favor 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.

Proxy advisory firm Institutional Shareholder Services (ISS) had recommended investors approve all the board nominees and oppose the two shareholder proposals.

Glass, Lewis & Co, another proxy adviser, had also recommended investors vote in favor of all board nominees, but urged Wells Fargo shareholders to install an independent chairman.

Shareholders also ratified KPMG as Wells Fargo’s independent auditor.

The meeting, held in Scottsdale, Arizona lasted just over half an hour.

(Reporting by Dan Freed in New York and Richa Naidu and Nikhil Subba in Bengaluru; Editing by Savio D’Souza)

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