A group of religious leaders and investors that hold shares in Wells Fargo announced that they have condemned the bank and are calling for a deeper investigation into the bank’s business.
As part of Wells’ ongoing scandal involving the opening of 2 million accounts by retail banking employees without customers’ knowledge, the Interfaith Center on Corporate Responsibility (ICCR) passed resolutions expressing disappointment in the bank.
“At our meeting with Wells representatives last December, we pressed for disclosure and we were denied the truth,” said Sister Nora Nash of the Sisters of St. Francis of Philadelphia in a release from the ICCR.
“Now we are confronted with painful accounts of fraud including some 80,000 customers in Pennsylvania alone. As shareholders and customers ourselves we feel betrayed and have no choice but to call for a full review of business standards through this resolution which we hope other shareholders will support.”
The ICCR is a group of asset managers and religious leaders that advocate for responsible investing and corporate governance.
The group made a few suggestions for Wells Fargo, including separating the Chairman of the Board of Directors and CEO roles, both of which are currently held by John Stumpf and linking executive pay to ethical standards.
These suggestions will be placed on a ballot at the shareholders meeting unless they are blocked by the firm or other shareholders.
Wells Fargo shares are up 0.8%, or $0.36 per share, in trading on Monday. Since the scandal broke, however, the stock is down just over 8%.
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