Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 103

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 103
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ological design choices. 7

1. https://www.iea.org/reports/net-zero-roadmap-a-global-pathway-to-keep-the-15-0c-goal-in-reach)

2. Executive summary – Net Zero Roadmap: A Global Pathway to Keep the 1.5 °C Goal in Reach – Analysis - IEA

3. Climate Report Published August, 2024

4. https://www.bloomberg.com/news/articles/2023-10-18/green-fees-overtake-fossil-fuels-for-second-straight-year

5. https://assets.bbhub.io/professional/sites/24/BNEF-Bank-Financing-Report-Summary-2023.pdf;https://assets.bbhub.io/professional/sites/24/Financing-the-Transition_Energy-Supply-Investment-and-Bank-Facilitated-Financing-Ratios.pdf

6. https://assets.bbhub.io/professional/sites/24/Energy-Supply-Banking-Ratios-Implementation-Guide.pdf

7. 32370132_iif_white_paper_energy_supply_ratio_september_2024_final.pdf

#### 106Wells Fargo & Company

#### Shareholder Proposals
Our Statement in Opposition

Energy Supply Ratio

Our Board recommends a vote AGAINST this proposal, identified as Item 6 on the proxy card.

• An unaffiliated third party already estimates and publishes energy supply ratios for global banks utilizing a consistent methodology, which allows for comparability among banks. We believe that asking banks to calculate their own ratios will result in different data sources and methodologies that would create confusion in the market, and would not provide beneficial information to shareholders.

• The method of measuring and reporting our activity that the proposal would require does not align with our approach to financing, and would not be useful in managing or overseeing the Company and would not add value for shareholders. We are therefore concerned that it would not be an efficient use of Company resources for us to internally develop and calculate a Wells Fargo energy supply ratio.

• Our existing public disclosures describe our client-centric climate efforts. We believe these disclosures already provide useful information for understanding our approach. Our climate-related efforts and disclosures also take into account considerations about complex legal and regulatory requirements to which we are subject. We expect these changing requirements to continue to evolve in the near future, and the ratio requested by the proposal may not align with current legal and regulatory developments.

• Our Board, directly and through its committees, provides oversight of climate risk