Company: WFC-PC
Filing Date: 2025-04-18
Form Type: PX14A6G
Source: 0001999371-25-004409
Chunk: 1

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-04-18
Form: PX14A6G
Chunk 1
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 than $12.5 billion to coal utility operators whose plants are responsible
for thousands of premature deaths per year in the U.S.
According to an October 2024 news article, Wells Fargo has no plans to reduce fossil fuel financing in the immediate term.

Risks to Wells Fargo and Its Investors

Emerging research suggests that there
is a 50% chance that mean warming will exceed 2°C even if net-zero emissions are reached by 2050, underscoring the need for rapid
and deep decarbonization.
As allocators of capital, banks have the capability to make or break the energy transition, depending on whether they align client incentives
to support transition-related activities and choose to finance climate solutions at the expense of fossil fuel expansion.

By abandoning its financed emissions targets and signaling its intention to continue financing carbon-intensive economic activity, Wells Fargo is exposing itself and its investors to increased climate risk.In its August 2024 Climate Report, Wells Fargo identifies climate change as a “risk driver with the potential
to impact the risk types it manages,” including but not limited to credit risk, operational risk, and market risk.
Several U.S. financial regulatory agencies have warned that as households, businesses, and governments incur climate-related losses that
propagate throughout the economy, large financial institutions may experience “credit and market risks associated with loss of
income, defaults, and changes in the values of assets, liquidity risks associated with changing demand for liquidity, operational risks
associated with disruptions to infrastructure or other channels, or legal risks.” The Financial Stability Oversight
Council notes that these dangers may lead banks to “pull back from credit provision or other financial services, potentially amplifying
the initial climate-related shock and harming financial stability.” Economists have found that banks with weak climate
commitments contribute more to systemic risk than banks with strong climate disclosure and performance.

Vote AGAINST Directors Maria R. Morris (Item 1i) and Wayne M. Hewett (Item 1g) for Failures Related to Climate Oversight

Wells Fargo’s jettisoning of critical climate commitments marks a
failure of climate governance and board oversight. Climate-related board oversight is primarily the purview of the Risk Committee and,
to a lesser extent, the Governance and Nominating Committee. The Risk Committee oversees the management and governance of climate-related
risks, as well as the integration of climate considerations into risk management programs. The Governance and Nominating Committee oversees
corporate strategies, policies, and programs on sustainability and climate change and is