February 23, 2010 / 7:56 PM / 9 years ago

UPDATE 1-Wells Fargo shareholders get "say on pay"

* Shareholders to vote on executive pay in April

* Second such vote in bank’s history

NEW YORK, Feb 23 (Reuters) - Wells Fargo & Co (WFC.N) shareholders will have a “say on pay” vote at the annual meeting in April, the bank said on Tuesday.

The vote, only the second in the bank’s history, results from a review of corporate governance and regulatory trends as well as shareholder input, Wells Fargo said in a statement.

Compensation for bank executives remains a hot-button issue, even after banks like Wells Fargo repaid government bailouts.

Wells Fargo shareholders will get to vote on compensation for the five executive officers named in the bank’s proxy statement, expected to be filed with the Securities and Exchange Commission in the middle of March.

In December the San Francisco-based bank said Chief Executive John Stumpf and three other top executives would receive stock payouts worth a total of about $25 million for 2009, but no cash bonuses.

Stumpf received total compensation of $9.04 million in 2008. In a “say on pay” vote last year, shareholders approved proposed pay packages for top executives. (Reporting by Elinor Comlay; editing by John Wallace)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below