Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 105

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 105
---
 market practices, accepted reporting standards and frameworks and available data, among other considerations. More information is available at https://www.wellsfargo.com/about/responsibility-and-impact/reporting-and-resources/ .

We believe our disclosures already provide transparency and insight into Wells Fargo’s approach to climate. More information about our climate approach is available at https://www.wellsfargo.com/about/responsibility-and-impact/sustainability/ .

With respect to legal and regulatory compliance considerations in particular, we are a global financial institution subject to significant, and changing, federal, state, local, and international laws and regulations, including such laws and regulations relating to climate risk. Our climate-related efforts and disclosures take into account considerations about these complex legal and regulatory requirements. We expect relevant legal and regulatory requirements to continue to evolve across jurisdictions in the near future, and the ratio requested by the proposal may not align with these anticipated developments.

Board and Committee Oversight

Our Board provides oversight of climate-related risk management matters directly and through its committees. To facilitate its oversight of climate-related risk management, the Board, directly or through one of its committees, receives regular updates from our leaders on climate-related disclosures and other environmental sustainability and climate-related risk management matters.

The Board’s Risk Committee reviews and approves the Wells Fargo risk management framework, which sets forth the Company’s core principles for managing and governing risk, including risks related to impacts from climate change and our efforts to integrate climate-related considerations into risk management programs. The Risk Committee supports the stature, authority, and independence of the Company’s Independent Risk Management function, which includes the Climate Risk Oversight group.

Shareholder Engagement

While this shareholder proposal was not submitted to Wells Fargo for the 2024 annual shareholder meeting, some of our peers received a similar proposal from the proponent in 2024, and we have proactively engaged with our shareholders on this topic. As described in the Shareholder Engagement section of this Proxy Statement, shareholders expressed mixed perspectives on banks independently calculating and disclosing an energy supply ratio, with some concerns about lack of comparability and no consensus perspective on the utility of this ratio for shareholders. We also engaged twice with the proponent. The GNC and the CRC reviewed and discussed this shareholder feedback and the current proposal. All of this information has informed the Board’s recommendation against this proposal.

Overall, we are concerned that implementing this proposal asking for banks to independently calculate their own energy supply ratios would contribute to a lack of comparability across the industry, and for Wells Fargo would result in disclosure of a ratio that does