A group of nuns and religiously-affiliated investors want Wells Fargo & Co. to disclose more about why employees opened millions of accounts without customers’ permission.
The Interfaith Center on Corporate Responsibility (ICCR) filed a shareholder resolution(PDF) on Monday that called for the San Francisco-based bank to report on the root causes of the fake accounts scandal. Last month, Wells Fargo admitted that its employees opened as many as 2 million checking, savings and credit card accounts without the customer authorization in order to meet sales goals. The scandal led to a $190 million settlement with regulators, according to Reuters.
The ICCR, a group of asset managers and religious leaders that pushes responsible investing and corporate governance, also demanded a plan for improved oversight from Wells Fargo (NYSE: WFC) and suggested separating the chair of the board of directors and CEO roles. Both positions are currently held by John Stumpf. The group also recommended linking executive pay to ethical standards.
"At our meeting with Wells representatives last December, we pressed for disclosure and we were denied the truth," Sister Nora Nash of the Sisters of St. Francis of Philadelphia said in a release from the ICCR. Nash is a member of ICCR and the director of corporate social responsibility for her congregation.
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