Wells Fargo & Co. shareholders should vote to remove most of the bank’s board members after they failed to provide “timely and sufficient risk oversight” to head off a scandal involving the creation of fake customer accounts, according to proxy adviser Institutional Shareholder Services Inc.
Wells Fargo’s owners should vote for only three of the bank’s 15 directors -- Karen Peetz, Ronald Sargent and Chief Executive Officer Tim Sloan -- at the lender’s annual meeting later this month, ISS said in a report Friday. Glass Lewis & Co., another proxy adviser, recommended earlier this week that shareholders oppose the re-election of six directors, including members of the board’s corporate responsibility committee.
