Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 98

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 98
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 During our conversations, shareholders generally did not convey expectations for the report requested by the proposal, and some were appreciative of our recent disclosure enhancements made in response to feedback from prior years.

• Our Board and its committees oversee government relations strategies, policies, and programs, including political transparency matters. In 2024, the CRC received an update from the Head of Government Relations and Public Policy (GRPP) on our political activities and contributions, significant lobbying priorities, principal trade association memberships and our public policy priorities.

• We already disclose detailed information regarding our federal, state, and local lobbying activities, our memberships in principal trade associations, contributions to organizations organized under section 527 of the Internal Revenue Code (527 Organizations), and contributions made by Wells Fargo’s employee-funded political action committees (PACs). We review these disclosures annually, and enhance them when appropriate. For example, by the end of 2025, we will enhance the disclosures on our GRPP website related to, among other things, our public policy priorities and federal lobbying reports, and will also clarify our disclosures relating to our practices for contributing to organizations organized under section 501(c)(4) of the Internal Revenue Code (501(c)(4) Organizations) and 527 Organizations. In addition, next year we plan to disclose on our GRPP website the annual amount spent on federal lobbying activities.

• We believe that participating in the public policy process helps protect our customers, employees, businesses, and communities, and is an important part of responsible corporate citizenship. Engagement through trade organizations comes with the understanding that we may not always agree with every position taken.

Shareholder Engagement

At our 2024 and 2023 annual shareholder meetings, shareholders voted on substantially the same shareholder proposal (the 2024 Proposal and the 2023 Proposal , respectively), both of which were also submitted by the proponent. The 2024 and 2023 Proposals did not receive majority support, with a decline in support year-over-year. Based on our engagement with shareholders to discuss the prior proposals, we believe the strength of our existing and enhanced approach and disclosures, and the actions we have taken, are responsive 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 our shareholders on this topic. During these conversations, shareholders generally did not convey expectations for the report requested by the proposal. We also engaged again with the proponent. The GNC and the CRC reviewed and discussed