Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 91

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 91
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 2024, as a reflection of our efforts to address this topic appropriately and in a manner consistent with shareholder feedback. We have continued to engage with shareholders following the 2024 annual shareholder meeting, with our HRC Chair participating in certain engagements, including a meeting with the proponent. Shareholders broadly appreciated our responsiveness to the prior proposals and our ongoing efforts in 2024 related to human capital matters.

• Our Board, directly and through its committees, is responsible for holding senior management accountable for defining and maintaining a culture of effective risk management. Our Board and the HRC provide oversight of, and are engaged in, matters related to human capital risk and human capital management, in addition to culture and ethics. Following the 2024 annual shareholder meeting, the HRC has continued to engage regularly with management regarding our culture, conduct management, and human capital risk. The Board and the HRC review metrics related to these topics as part of their oversight of this area. We continue to believe that disclosure of these types of metrics would be inappropriate, and that disclosure of the particular metrics requested by the proposal, without external, relative benchmarks or broadly-defined reporting standards, would not yield useful information to our shareholders. Instead, such disclosure could increase risks for Wells Fargo without providing value to the Company or our shareholders.

• As further described below, we have a well-developed framework designed to prevent and address harassment and discrimination, including a coordinated process for managing employee conduct allegations. In addition, our various policies and reporting channels, which include an option for anonymous reporting, are designed to allow employees to raise concerns without fear of retaliation or reprisal and commit us to managing allegations in an objective, thorough, and timely manner. We believe our policies and procedures reflect our efforts to prevent and address harassment and discrimination.

Shareholder Engagement and Responsiveness

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 submitted by the proponent. After the 2023 Proposal received majority support, we conducted multiple rounds of engagement with the proponent and our top shareholders, with select participation from our Board Chair and HRC Chair. Based on the feedback we heard during those engagements, we responded to the 2023 Proposal by providing additional disclosure about Board oversight of human capital risk and human capital management and the Company’s modified framework to prevent and address harassment and discrimination. Our relevant policies and procedures apply to all employees, and are designed to