Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 108

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 108
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2020/11/13/governor-whitmer-takes-action-to-shut-down-the-line-5-dual-pipelines-through-the-straits-of-mackina

9. https://ictnews.org/news/enbridge-takes-the-gloves-off-in-line-5-battle ; https://www.cbsnews.com/minnesota/news/judge-gives-enbridge-3-years-to-close-oil-pipeline-on-tribal-land-in-wisconsin-4/

10. https://amazonwatch.org/news/2022/0622-the-business-case-for-indigenous-rights

11. https://www.blackrock.com/corporate/literature/publication/blk-commentary-engagement-on-human-rights.pdf

#### 2025 Proxy Statement109

#### Shareholder Proposals
Wells Fargo’s Indigenous Peoples Statement is misaligned with international human rights standards for FPIC and is limited to project financing. Wells Fargo previously adhered to the Equator Principles to manage environmental and social risk. However, in 2024, it withdrew from the Principles, raising concerns that it “backpedals on commitments on climate and to vulnerable communities affected by their financing deals.” 12 Wells Fargo’s recent Invest Native initiative 13 does not shield the company from material risk connected to insufficient due diligence on Indigenous Peoples’ rights. Effective policies protecting Indigenous Peoples’ rights are critical to meeting Wells Fargo’s commitments and mitigating material risk to shareholders.

Our Statement in Opposition

Report on Respecting Indigenous Peoples’ Rights

Our Board recommends a vote AGAINST this proposal, identified as Item 7 on the proxy card.

• Following the submission of substantially the same proposal at the 2024 annual shareholder meeting, which did not receive majority support, we engaged with many of our shareholders to understand their views and share our perspective on this topic. These engagements helped inform our response to the current proposal. During our conversations, shareholders generally did not convey expectations for the report requested by the proposal.

• We seek to respect the rights of Indigenous Peoples, and we strive to take these rights into account when conducting our business activities. Our Indigenous Peoples’ Statement underscores the importance of respecting Indigenous Peoples’ rights, and we have existing policies, practices and procedures to help us identify and assess potential risks to Indigenous communities. We periodically review and evaluate these policies and procedures consistent with our standard policy management process and our enterprise‑wide risk and control framework.

• Our Board and its committees provide oversight of social and public responsibility matters, including issues impacting Indigenous communities, and have considered this