SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) said today that its board of directors has approved amendments to the company’s By-Laws to, among other things, provide eligible stockholders with new “proxy access” rights for nominating director candidates. The amendments provide a mechanism for eligible stockholders of the company to have their own qualifying director nominees included in the company’s proxy materials for its annual meeting.
The By-Law amendments, which are effective immediately, provide that a stockholder, or a group of up to 20 stockholders, who has continuously owned for 3 years at least 3 percent of the company’s outstanding shares of capital stock entitled to vote in the election of directors may nominate and include in the company’s proxy statement director candidates constituting up to the greater of 2 directors and 20 percent of the board, subject to the terms and conditions specified in the By-Laws.
“Wells Fargo is committed to effective corporate governance, and the board values the perspectives that our stockholders share with us,” said Stephen W. Sanger, lead director of Wells Fargo's board and chair of its Governance and Nominating Committee. “Based on our engagement with our stockholders and the board’s continued assessment of best corporate governance practices, the board decided to make proxy access available to our long-term stockholders.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.