Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 104

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 104
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 management matters, as well as management of related risks.

• We have proactively engaged with many of our shareholders to understand their views on this topic, and their feedback has been considered by the Board and has helped inform our response to this shareholder proposal.

Better Data Currently Publicly Available

As the shareholder proposal notes, an unaffiliated third-party provider, BloombergNEF, already estimates and publishes a version of an energy supply ratio for Wells Fargo, based on their own internally developed methodology. BloombergNEF also calculates estimated energy supply ratios for other global banks using this methodology, providing comparability when considering energy supply financing activity across the market. To the extent market participants may be interested in understanding global energy supply financing activity, it is more effective for a third party to consistently calculate an energy supply ratio for large financial institutions, rather than individual banks each independently developing their own company-specific methodology.

The proposal acknowledges that there is no generally accepted framework or “industry-standard approach” for calculating and reporting an energy supply ratio. As a result, requiring banks to independently calculate their own version of this ratio, would, in addition to not being useful for shareholders, potentially result in less uniformity and lack of comparability among financial services companies by encouraging banks to build their own methodologies. For example, following extensive efforts, certain financial services companies have each recently developed their own unique methodology to independently calculate an energy supply ratio, which they have publicly disclosed, resulting in distinct versions of the metric requested by the proposal.

Concerns about the Requested Metric

The ratio that the shareholder proposal would require us to calculate and disclose does not align with our approach to financing, which is focused on client needs across a broad range of sectors of the U.S. economy. We offer a suite of banking capabilities, including tailored solutions, to support relevant clients’ production, delivery and adoption of low-carbon solutions, and the requested ratio is not useful to accurately assess the efficacy of this approach.

We do not believe it would be an efficient use of resources for Wells Fargo to internally develop and calculate our own ratio. The resource-intensive task of developing our own firm-specific methodology to estimate and disclose an energy supply ratio would not be useful in managing or overseeing the Company, would not add value for shareholders, and would be a poor use of Company resources.

#### 2025 Proxy Statement107

#### Shareholder Proposals
Our Sustainability Disclosures

We have devoted significant resources to developing public disclosures describing our approach to sustainability. Our disclosures take into account business, legal and regulatory compliance, stakeholder perspectives,