SAN FRANCISCO–Add a group of nuns to those who aren’t happy with Wells Fargo.
A resolution filed by shareholder activists led by the Sisters of St. Francis of Philadelphia is seeking a review of the root causes of the bank's unauthorized accounts scandal, according Reuters. But the bank’s board is opposing the resolution, saying it already has its own investigation and reforms under way.
“Our board and our company believe we are already providing through our current and anticipated future disclosures...the information requested by this proposal,” the board stated, according to the Reuters report.
Tim Smith, director of shareowner engagement at Walden Asset Management, a co-filer of the resolution with the Sisters of St. Francis of Philadelphia, told Reuters talks are still underway between the bank and proponents and that whatever the outcome, Smith said he is pleased the board has embraced other reforms and what he called "the need for more transparency."
As CUToday.info has reported, Wells Fargo continues to deal with the ramifications from the opening of approximately two-million bogus customer accounts by branch employees who were under pressure to meet aggressive cross-sales goals. Wells Fargo has already paid more than $184 million in fines.
The bank will hold its first shareholder meeting since news of the scandal broke in the Spring.