Reuters – Wells Fargo scores the latest narrow win for CEO pay
April 29, 2021
Wells Fargo & Co’s (WFC.N) executive pay plan for 2020 received backing from only about 57% of investor votes on Tuesday, a narrow win for the company and the latest evidence of tougher scrutiny shareholders have put on CEO compensation this year.
CEO and President Charles Scharf was paid $20.4 million in 2020, down from $34.3 million in 2019, when he was first named to lead the bank, according to its proxy statement filed in March. On an annualized basis his total direct compensation in 2020 fell about 12% from $23 million the prior year, according to a January filing.