Proxy adviser ISS recommends vote for all Wells Fargo board nominees

FILE PHOTO - The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking

(Reuters) - Proxy advisory firm Institutional Shareholder Services (ISS) on Friday recommended Wells Fargo & Co shareholders vote for all Wells Fargo board nominees at the bank’s annual meeting on April 24.

The backing of the Wells Fargo board by the influential proxy advisor comes at an important time for the San Francisco Bank as it works to regain the trust of investors and regulators.

ISS also added a caveat saying that incumbent nominees on Wells Fargo board prior to 2017 need “cautionary support” while support for all new nominees is warranted.

The proxy adviser also suggested shareholders vote for a proposal to reduce the ownership threshold for shareholders to call a special meeting.

The Bank’s shareholders were also suggested to vote against a shareholder proposal to reform executive compensation policy with social responsibility

ISS also recommended the bank’s shareholders to vote for a shareholder proposal that the bank report on incentive based compensation and risks of material losses.

Reporting by Bhanu Pratap in Bengaluru; Editing by Michael Perry