Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 92

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 92
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 prevent and address harassment and discrimination against all characteristics protected by applicable law.

The following year, the 2024 Proposal did not receive majority support, with support declining by more than 24 percentage points, from 52.3% support in 2023 to 28.2% in 2024. We believe the voting outcome at the 2024 annual shareholder meeting is a reflection of the actions we have taken to respond to shareholder feedback in a manner that is appropriately aligned with our strategic and risk priorities.

As described in the Shareholder Engagement section of this Proxy Statement, we have continued to engage with investors on this topic following the 2024 annual shareholder meeting, with our HRC Chair directly participating in certain engagements, including a meeting with the proponent. Through these engagements, our top shareholders largely expressed broad support for our ongoing work related to workplace culture and efforts to prevent and address harassment and discrimination, and our responsiveness to the prior shareholder proposals. Shareholders expressed interest in human capital-related matters, including the Board’s oversight of human capital risk and human capital management, and generally did not focus on disclosure of specific metrics, including those metrics requested by the proposal.

#### 98Wells Fargo & Company

#### Shareholder Proposals
During our conversations with investors, we continued to describe our management policies and practices and Board oversight of this topic, and to discuss our concerns that disclosure of related metrics could subject us to increased risk without providing value to Wells Fargo or our shareholders. Both the GNC and HRC reviewed and discussed the 2024 Proposal, the vote results, shareholder feedback, and the current proposal. All of this information has informed the Board’s recommendation against this proposal.

Board and Committee Oversight

Our top priority remains the foundational and ongoing work of building out a risk and control infrastructure and culture appropriate for our Company. As part of its oversight of this work, the Board, directly and through its committees, is responsible for holding senior management accountable for defining and maintaining a culture of effective risk management. The Board, directly and through the HRC, oversees human capital risk and human capital management, in addition to our culture and ethics. For certain matters, our Board provides oversight directly, rather than through its committees. For example, the Board uses a variety of tools to oversee and assess culture and related metrics:

• Our Board reviews the results of our annual Global Employee Survey with management and has reviewed management reports on Wells Fargo’s culture.

• Our Board periodically reviews with management special topics and trends relating to human capital matters, such as labor