Treasurer Frerichs Signs Resolution Calling on Wells Fargo to Require Independent Board Chair
Treasurer Frerichs Signs Resolution Calling on Wells Fargo to Require
Independent Board Chair
SPRINGFIELD – Illinois Treasurer Michael Frerichs announced
recently that he has co-filed a shareholder resolution with Connecticut State Treasurer Denise L. Nappier to require a change to
Wells Fargo bylaws. The change would require the Chair of the Board of Directors to become an independent member of the board.
“Wells Fargo’s predatory and illegal banking practices have proved that the company needs a se t of independent e yes to ensure stronger, unbiased oversight,” Frerichs said. “Recent revelations demonstrate Wells Fargo’s weak internal controls. When the CEO also serves as Board Chair, essentially as his own boss, there is simply a lack of accountability at the highest level of the organiza tion," Frerichs said in a released statement.
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