WELLS FARGO & COMPANY | Report on lobbying in line with Paris Agreement at WELLS FARGO & COMPANY

Status
32.34% votes in favour
AGM date
Previous AGM date
Proposal number
7
Resolution details
Company ticker
WFC
Lead filer
Seventh Generation Interfaith Coalition for Responsible Investment
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • Lobbying / political engagement
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
United States
Supporting materials
  • wells fargo_climate lobbying_sisters of dubuque.pdf Download
Resolved clause
Shareholders of Wells Fargo and Company request that the Board of Directors analyze and report to shareholders annually (at reasonable cost, omitting confidential and proprietary information) on whether and how it is aligning its lobbying and policy influence activities and positions, both direct and indirect through trade associations, coalitions, alliances, and other organizations, with its public commitment to achieve net zero emissions by 2050 including the activities and positions analyzed, the criteria used to assess alignment, and involvement of stakeholders, if any, in the analytical process.
Whereas clause
A 2022 assessment by the Intergovernmental Panel on Climate Change1 stated that nations and fossil-fuel users have fallen short2 of the Paris Agreement goals and that sudden and dramatic changes are required. The Financial Stability Oversight Council identified climate change as an emerging and increasing threat to the financial system.

Wells Fargo & Company (“Company”) CEO Charlie Scharf stated, “Climate change is one of the most urgent environmental and social issues of our time, and Wells Fargo is committed to aligning our activities to support the goals of the Paris Agreement and to helping transition to a net zero carbon economy.”4 Consistent with this pledge, the Company joined the Net Zero Banking Alliance. Voluntary initiatives are insufficient to meet the Paris Agreement goals without robust climate public policy. Major companies have enormous influence and bipartisan credibility to help establish a policy environment that will avert the most dire climate risks and take advantage of the opportunity of this generational economic shift. Corporate lobbying that is inconsistent with the Paris Agreement poses escalating material risks to companies and investors.

The company committed to advocate for policies that enable client transitions to net zero emissions.7 However, the Company’s positions on and details of engagement with policymakers are unclear.8 A recent letter submitted to the Municipal Advisory Council of Texas shows evidence of the Company’s continued support for investing in fossil fuels.9 The Company’s sponsorship of the State Financial Officers Foundation, which has been weaponizing state treasurers’ offices against climate-related financial risk management, has been called out by members of Congress. Of increasing concern are trade associations and other policy organizations that speak for business but too often present major obstacles to addressing the climate crisis. The Company is a member of financial industry associations which are opposing emerging sustainable finance policy, including the U.S. Chamber of Commerce, the Business Roundtable, and the California Chamber of Commerce.

How other organisations have declared their voting intentions

Organisation nameDeclared voting intentionsRationale
Rothschild & co Asset ManagementFor
Anima SgrForGiven the importance of climate policy in reaching the company’s climate goals and the limited information disclosed on the company's lobbying positions and activities, shareholders would benefit from an evaluation on the alignment between the company’s indirect and direct lobbying activities with its net zero goal.

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