Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 101

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 101
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 and published criteria guiding our decision-making for supporting candidates through the Wells Fargo PACs.

Like many companies, Wells Fargo engages in public policy advocacy on issues that impact our business at the local, state, and federal levels, including through membership in financial services industry trade associations. Given the nature of our business as a global financial institution evolving to meet the financial needs of our customers, clients, and the communities we serve, we believe it is important for us to engage on a broad range of topics. We regularly review our participation model and believe that engagement through these trade organizations, including as a voice of opposition from time to time, is an integral part of our public policy strategy. Participation in these groups comes with the understanding that we may not always agree with every position taken.

Given our current disclosures regarding our political engagement and spending, which include recent enhancements implemented in 2024, as well as our Board’s role in overseeing these matters and our practices with respect to political spending, PAC sponsorship, issue advocacy, and industry trade association participation, we believe that the annual reporting requested by the proposal would require us to devote meaningful time and resources that could be better utilized to advance key priorities. Therefore, we believe that this proposal is not in the best interest of Wells Fargo or our shareholders.

| Item 5 – Shareholder Proposal – Annual Report on Congruency of Political Spending and Corporate Values 
 Our Board recommends that you voteAGAINSTthis proposal.                                                |

#### 2025 Proxy Statement105

#### Shareholder Proposals
| Item 6                                                  |
| Shareholder Proposal – Energy Supply Ratio              |
| Our Board recommends that you voteAGAINSTthis proposal. |

The Comptroller of the City of New York, Municipal Building, One Centre Street, 8th Floor North, New York, NY 10007-2341, on behalf of the New York City Teachers’ Retirement System, the New York City Employees’ Retirement System, and the New York City Police Pension Fund, the holders of 1,859,712 shares, 1,200,985 shares, and 777,098 shares, respectively, has advised us that it intends to introduce the following resolution at the 2025 Annual Meeting:

Resolution and Supporting Statement

Resolved: Shareholders request Wells Fargo & Company (“Company”) disclose annually its Energy Supply Ratio (“ESR”), defined as its total financing through equity and debt underwriting, and project finance, in low-carbon energy supply relative to that in fossil-fuel energy supply. The disclosure, prepared at reasonable expense