A shareholder proposal calls for the bank to publicize its number of workplace settlements and the amount of money spent on them.
After ongoing related workplace-related controversies at Wells Fargo & Co., its investors on Tuesday approved a single shareholder proposal — one that calls on the company to publish an annual report on the prevention of workplace harassment and discrimination.
“Persistent controversies have surrounded Wells Fargo’s workforce management,” the proposal said. It mentions a news report last year alleging that the bank interviewed women and people of color, whom they described as “diverse” candidates, for positions that had already been filled; retaliation against those who complained about the alleged sham interviews; and a possible resulting criminal investigation.
The policies also followed discrimination settlements that have cost the bank millions of dollars, including an $8 million settlement in 2020 of a lawsuit alleging discrimination against tens of thousands of Black job applicants, and a $35 million settlement in 2017 of a class-action discrimination lawsuit by Black financial advisers.
New York State Comptroller Thomas DiNapoli, who submitted the proposal, reiterated the significance of the issue and the significance of shareholders’ approval.
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