Company: WFC-PC
Filing Date: 2025-04-02
Form Type: PX14A6G
Source: 0001214659-25-005207
Chunk: 2

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-04-02
Form: PX14A6G
Chunk 2
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 that on the other two key metrics cited above, both revenue and the efficiency ratio declined (no adjusted figures reported).
We are at a loss to determine how these reported measures amount to a Company achievement level of 113%.

But the HRC further gilds the lily by attributing above-target “personal
achievement” scores to executives. Beyond being inherently subjective, these scores seem hard to square with events: CEO Charles
Scharf received the highest personal achievement score at 125%, with the HRC explaining its decision by making vague references to “[leading]
significant progress for the Company across multiple areas,” “[making] progress on key business initiatives,” and “[continuing]
to advance our reputation through engagement with elected officials and community leaders.” Given that Wells Fargo was
once again subject to an enforcement action by the Office of the Comptroller of the Currency (“OCC”) for deficiencies in its
anti-money laundering controls in 2024, we are unsure that such engagement justifies the HRC’s assessment.

_____________________________

Wells Fargo 2024 proxy statement on DEF14A, March 19,
2025, pg. 74.

Wells Fargo 2024 proxy statement on DEF14A, March 19,
2025, pg. 85.

Wells Fargo 2024 proxy statement on DEF14A, March 19,
2025, pg. 86.

The HRC’s report uses the term “Variable Compensation”
to explain payments that appear on the Summary Compensation Table under the heading “Non-Equity Incentive Plan Compensation.”

Wells Fargo 2024 proxy statement on DEF14A, March 19,
2025, pg. 58.

Office of the Comptroller of the Currency, Press Release,
September 12, 2024, https://www.occ.treas.gov/news-issuances/news-releases/2024/nr-occ-2024-99.html,

Similarly, the HRC provided executives with an overall payout for the
Long-Term Equity Compensation Plan at 140% for a three year time period from 2022-2024 (the same years shown on the Figure 1), with 75%
of that award tied to absolute ROTCE performance, and 25% to relative ROTCE performance, both taking into account adjustments.
First, we again observe that on an as-adjusted basis, ROTCE fell from 14.2% to 13.6% over the past two years, albeit rising from