Wells Fargo & Company Amends Corporate Governance Guidelines Regarding the Elections of Directors
San Francisco — September 28, 2005
Wells Fargo & Company (NYSE: WFC) said its Board of Directors has amended the Company’s corporate governance guidelines regarding the election of directors. Under the amended guidelines, a nominee in an uncontested election must tender his or her resignation for consideration by the Governance and Nominating Committee of the Board if a majority of the outstanding shares is designated as “withheld” from his or her election. The Committee will then recommend Board action on the resignation. The Company said the amendment is designed to give Wells Fargo’s stockholders a greater voice in electing directors. The Company’s corporate governance guidelines can be found on the Company’s website at http://www.wellsfargo.com/about/corporate/corporate_governance.Wells Fargo & Company is a diversified financial services company with $435 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.