Company: WFC-PC
Filing Date: 2025-04-18
Form Type: PX14A6G
Source: 0001999371-25-004409
Chunk: 0

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-04-18
Form: PX14A6G
Chunk 0
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| NOTICE OF EXEMPT SOLICITATION: (VOLUNTARY SUBMISSION)                                                                                  
 NAME OF REGISTRANT: Wells Fargo & Company                                                                                              
 NAME OF PERSON RELYING ON EXEMPTION: Majority Action                                                                                   
 ADDRESS OF PERSON RELYING ON EXEMPTION: 2443 Fillmore St #380-1454                                                                     
 San Francisco, CA 94115                                                                                                                |
| Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated                                                               
 under the Securities Exchange Act of 1934. Majority Action does not beneficially own more than $5 million of Wells Fargo common stock. 
 This notice is therefore being provided on a voluntary basis.                                                                          |

Vote Recommendation: Vote AGAINSTthe election of Maria R. Morris (Chair of the Risk Committee) and Wayne M. Hewett (Chair of the Governance and Nominating Committee) for poor oversight of climate risk precipitated by Wells Fargo’s abandonment of critical climate commitments.

Wells Fargo Abandons Critical Climate Commitments

On February 28, 2025, Wells Fargo became the first major U.S. bank to discontinue its commitment to achieve net zero by 2050 for financed emissions. 1Wells Fargo also discontinued its 2030 interim financed emissions targets for carbon-intensive sectors, including oil and gas, power, automotive, steel, and aviation. 2
The company’s abandonment of financed emissions reduction goals is particularly concerning because, compared to other major U.S.
banks, Wells Fargo’s fossil fuel financing is disproportionately weighted towards lending activities (financed emissions) rather
than underwriting (facilitated emissions). The company’s decision to jettison its net-zero and medium-term targets
followed its exit from key voluntary climate agreements. In December 2024, Wells Fargo left the Net-Zero Banking Alliance.
In March 2024, Wells Fargo withdrew from the Equator Principles, a set of minimum standards that financial institutions have used for
over twenty years to assess the environmental risks associated with financing extractive projects. Wells Fargo’s former
Chief Sustainability Officer reportedly left her position in 2024 out of frustration at the bank’s lack of commitment to its net-zero
goals.

Research shows that companies that establish carbon reduction targets
are more likely to implement climate change strategies successfully. Since the Paris Agreement, Wells Fargo has been the fifth largest private financier of fossil fuels, committing $296 billion to
fossil fuel companies between 2016 and 2023 — including more