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Vanguard Withheld Support For Key Wells Fargo Directors

TedTed
in Fund Discussions
FYI: Vanguard Group, one of the world’s biggest fund managers, voted against three directors at Wells Fargo & Co this year, including Chairman Stephen Sanger, according to U.S. filings, a rare rebuke from the bank’s second-largest shareholder.
Regards,
Ted
http://www.reuters.com/article/us-wellsfargo-accounts-vanguard-idUSKCN1BB33D?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+reuters/businessNews+(Business+News)

Comments

  • slick
    Yay Vanguard.
  • Sven
    It is about time. What about other institutional investors such as Blackrock?
  • rforno

    Good to see. Long over due, but not surprised that Vanguard is the first prominent player to do so.
  • LewisBraham
    @rforno Actually, yes it is surprising. Historically, Vanguard has a poor record when it comes to these proxy votes. So this is a positive sign.
  • msf
    Or a negative sign - that WF was so bad that not even Vanguard could stomach all of it.

    "Vanguard funds supported 12 of 15 Wells Fargo directors on the ballot, and backed the company’s management on all nine shareholder proposals up for a vote at the April meeting. "

    Is the glass 80% (12/15) empty or 20% (3/15) full? Compare Vanguard with American Fund's "Income Fund of America, which did not support nine of 15 directors."

    I suppose that's still better than 100% empty.
  • Derf
    I read today that WFC dropped and addition $3+million into the pot as they were a little short on the number of people they used !
    Have a great weekend, Derf
  • ibartman
    If all of this activity isn't sufficient justification for breaking the bank up, what is?
  • [Deleted User]
    The user and all related content has been deleted.
  • MarkMark
    Amen. Or is it hallelujah. I can never remember.
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