Wells Fargo’s top management faced a series of protesters and apologized to investors Tuesday, but board members kept their jobs — albeit barely in some cases — at the first big shareholder meeting since an unauthorized account scandal over sales churning practices erupted.
Shareholders clearly were irritated or angry at Wells’ management. In a preliminary tally, three of 15 board members received a bare majority of votes to keep their jobs. That includes Chairman Stephen Sanger, the bank’s independent chairman, who received 56 percent of shareholder votes. That’s in a world where it’s common for a current director at a major corporation to receive north of 90 percent of shareholders’ votes.
