Wells Fargo
Corporate Bias Rating
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Risk Level:
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. In July 2022, West Virginia placed Wells Fargo on its Restricted Financial Institutions List for its “boycott of energy companies” according to its ESG policies and publicly available statements. 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 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. 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. 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
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 Resolution | Mgmt Rec | Total Vote % in Favor |
---|---|---|---|---|---|
5/3/23 | Governance | John Chevedden | Adopt that Directors be Elected by Majority Vote | Against | 0.00% |
4/25/23 | Social | The Comptroller of the State of New York, Thomas P. DiNapoli | Annual Report on Prevention of Workplace Harassment and Discrimination | Against | 52.30% |
4/25/23 | Governance | John Chevedden | Adopt Simple Majority Vote | Against | 50.00% |
4/25/23 | Governance | AFL-CIO Reserve Fund | Policy on Freedom of Association and Collective Bargaining | Against | 34.10% |
4/25/23 | Environmental | The Sisters of St. Francis Dubuque Charitable Trust | Climate Lobbying Report | Against | 32.00% |
4/25/23 | Environmental | As You Sow on behalf of Minnesota Valley Trust | Climate Transition Planning | Against | 30.80% |
4/25/23 | Social | Harrington Investments | Political Spending and Values Congruency | Against | 28.30% |
4/25/23 | Environmental | The Sierra Club Foundation | New Policy Phasing Out Lending to New Oil and Gas Exploration | Against | 8.50% |
4/26/22 | Social | SEIU Master Trust | Oversee and Report a Racial Equity Audit | Against | 35.74% |
4/26/22 | Social | American Baptist Home Mission Society | Report on Respecting Indigenous Peoples’ Rights | Against | 25.63% |
4/26/22 | Governance | New York State Common Retirement Fund | Report on Incentive-Based Compensation & Risks of Material Losses | Against | 23.68% |
4/26/22 | Governance | Arjuna Capital | Report on Board Diversiy | Against | 11.54% |
4/26/22 | Environmental | Sierra Club Foundation | Adopt a Financing Policy Consistant with IEA's Net-zero Emissions by 2050 Scenario | Against | 10.80% |
4/26/22 | Governance | John Chevedden | Adopt Management Pay Clawback Authorization Policy | Against | 7.15% |
4/26/22 | Social | National Legal and Policy Center | Report on Charitable Contributions | Against | 4.42% |
In the News
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Bank of America (Merrill Lynch) , Citigroup , Goldman Sachs , JPMorgan Chase , Morgan Stanley (E-Trade) , Wells Fargo