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Wells Fargo’s CEO pay positive factors slim shareholder backing By Reuters 

© Reuters. FILE PHOTO: A Wells Fargo emblem is seen in New York Metropolis

By Ross Kerber and Sohini Podder

(Reuters) – Wells Fargo (NYSE:) & Co’s govt pay plan for 2020 acquired backing from about 57% of investor votes on Tuesday, marking a slim win for a proposal which is normally rubber stamped.

Though a regulatory submitting in January confirmed that Wells Fargo Chief Govt Charles Scharf’s 2020 pay fell about $3 million, or 12%, this was not sufficient to fulfill buyers.

The board cited the drop in Wells Fargo’s monetary outcomes for 2020, which had been hit by the COVID-19 pandemic, as one of many causes for the decrease compensation.

Buyers typically forged 90% or extra of their advisory votes in favor of company compensation, with ranges beneath 80% normally leading to revamped pay constructions, consultants say.

Influential proxy advisor Institutional Shareholder Companies beneficial that buyers vote in opposition to Wells Fargo’s pay. A

Amongst different components, ISS cited considerations together with comparatively excessive salaries for high executives, the pay discretion given to its compensation committee, and a decline in the usage of performance-based inventory awards at Wells Fargo.

A Wells Fargo spokeswoman didn’t instantly remark.

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