Wells Fargo Stockholders Vote on Proposals at Annual Meeting
San Francisco — April 27, 2005
Stockholders of Wells Fargo & Company (NYSE: WFC) yesterday elected 14 nominees to the Company’s Board of Directors, approved an amended Long-Term Incentive Compensation Plan and ratified the appointment of KPMG LLP as the Company’s auditors. Stockholders overwhelmingly rejected a proposal asking the Board to implement a policy that would prohibit the Company from providing credit or other banking services to lenders engaged in payday lending and a proposal asking the Board to study ways to link executive compensation to so-called predatory lending practices. The Company said in its proxy statement that it does not engage in or condone so-called predatory lending, has many policies and procedures to help consumers make informed and appropriate borrowing decisions, and has compensation practices that require executives to adhere to policies, including those regarding lending practices. Stockholders rejected a proposal requesting that a substantial portion of executive equity compensation be performance-vesting shares and rejected a proposal requesting that compensation for Wells Fargo’s CEO be limited by using a CEO/average-worker pay ratio. Stockholders also rejected a proposal to amend the Company’s by-laws to mandate the separation of the roles of Chairman and CEO. The 14 nominees elected to the Wells Fargo Board: J.A. Blanchard III, chairman of the board of ADC Telecommunications Inc., Eden Prairie, Minnesota; Susan E. Engel, chairwoman and CEO of Department 56, Inc., Eden Prairie, Minnesota; Enrique Hernandez, Jr., chairman, president and CEO of Inter-Con Security Systems, Inc., Pasadena, California; Robert L. Joss, Philip H. Knight professor and dean of the Graduate School of Business at Stanford University, Palo Alto, California; Reatha Clark King, retired president, chairwoman of the Board of Trustees of the General Mills Foundation, Minneapolis; Richard M. Kovacevich, chairman, president and CEO of Wells Fargo; Richard D. McCormick, chairman emeritus of US WEST, Inc., Denver; Cynthia H. Milligan, dean of the College of Business Administration at the University of Nebraska-Lincoln;
Philip J. Quigley, retired chairman, president and CEO of Pacific Telesis Group, San Francisco; Donald B. Rice, chairman, president and CEO of Agensys, Inc., Santa Monica, California; Judith M. Runstad, of counsel to Foster Pepper & Shefelman PLLC, Seattle; Stephen W. Sanger, chairman and CEO of General Mills, Inc., Minneapolis; Susan G. Swenson, Chief Operating Officer of T-Mobile USA, Inc., Bellevue, Washington; Michael W. Wright, retired chairman and CEO of SUPERVALU INC., Minneapolis. Wells Fargo & Company is a diversified financial services company with $436 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, “Aaa,” from Moody’s Investors Service.