Wells Fargo

San Francisco, California
Banks, Diversified Financials

Corporate Bias Rating

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Risk Level:

Rating - Danger
High Risk

Summary:

Wells Fargo has canceled clients and cut off financing to some legal industries. The bank quit doing business with a private detention company, halted donations to Florida school scholarships due to religious differences, and cut off partnerships with oil and gas groups. Wells Fargo received a score of 100 on the 2023 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. By complying with the HRC’s controversial demands, Wells Fargo increases the risk of dividing employees, alienating customers and harming shareholders. The company covers transgender-related medical costs for its employees and their children and provides specific sexual orientation and gender identity-based benefits. It also uses sex and gender ideology criteria in employee recruitment, vendor selection, marketing, and philanthropic support. Wells Fargo forces employees to undergo multiple ideological trainings and uses its reputation, corporate funds, and political influence to support controversial sex and gender ideologies, organizations, and legislation. The company provides a benefits package for employees which covers travel/lodging costs for an abortion and transgender medical procedures for covered employees and dependents, including children. Wells Fargo is a member of Glasgow's Net Zero Alliance. The company opposed various state and local legislation intended to protect parental rights, girls’ sports, bathroom facilities, and gendered spaces. The company is a member of the MCCA, indicating its focus on recruiting, retaining, and promoting employees based on race. For these reasons, Wells Fargo receives a High Risk rating.

Board Bias

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CEO of Wells Fargo

Charles W. Scharf

Charles W. Scharf

Summary:

Headquartered in San Francisco, California, Wells Fargo is a member of the Fortune 250 operating in the Diversified Financials industry. Charles W. Scharf and Steven D. Black serve as CEO/President and Chairman, respectively, leading the company’s C-suite executive team and the board of directors. Amongst these teams, the collective leadership is responsible for $303,600 to Republican causes and $509,965 to Democratic causes. Under their tenure, Wells Fargo currently holds a 'High Risk' risk rating.

Political Contributions of Leadership:

$303,600

$509,965

Republican

Democrat

Shareholder Proposals

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Date
ESG Category
Proponent
Summary of ResolutionMgmt RecTotal Vote % in Favor
5/3/23GovernanceJohn CheveddenAdopt that Directors be Elected by Majority VoteAgainst0.00%
4/25/23SocialThe Comptroller of the State of New York, Thomas P. DiNapoliAnnual Report on Prevention of Workplace Harassment and DiscriminationAgainst52.30%
4/25/23GovernanceJohn CheveddenAdopt Simple Majority VoteAgainst50.00%
4/25/23GovernanceAFL-CIO Reserve FundPolicy on Freedom of Association and Collective BargainingAgainst34.10%
4/25/23EnvironmentalThe Sisters of St. Francis Dubuque Charitable TrustClimate Lobbying ReportAgainst32.00%
4/25/23EnvironmentalAs You Sow on behalf of Minnesota Valley TrustClimate Transition PlanningAgainst30.80%
4/25/23SocialHarrington InvestmentsPolitical Spending and Values CongruencyAgainst28.30%
4/25/23EnvironmentalThe Sierra Club FoundationNew Policy Phasing Out Lending to New Oil and Gas ExplorationAgainst8.50%
4/26/22SocialSEIU Master TrustOversee and Report a Racial Equity AuditAgainst35.74%
4/26/22SocialAmerican Baptist Home Mission SocietyReport on Respecting Indigenous Peoples’ RightsAgainst25.63%
4/26/22GovernanceNew York State Common Retirement FundReport on Incentive-Based Compensation & Risks of Material LossesAgainst23.68%
4/26/22GovernanceArjuna CapitalReport on Board DiversiyAgainst11.54%
4/26/22EnvironmentalSierra Club FoundationAdopt a Financing Policy Consistant with IEA's Net-zero Emissions by 2050 ScenarioAgainst10.80%
4/26/22GovernanceJohn CheveddenAdopt Management Pay Clawback Authorization PolicyAgainst7.15%
4/26/22SocialNational Legal and Policy CenterReport on Charitable ContributionsAgainst4.42%
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