WELLS FARGO & COMPANY | Audit of climate transition policies at Wells Fargo

Status
2.65% votes in favour
AGM date
Previous AGM date
Proposal number
9
Resolution details
Company ticker
WFC
Lead filer
National Legal and Policy Center
Resolution ask
Conduct due diligence, audit or risk/impact assessment
ESG theme
  • Environment
ESG sub-theme
  • Just Transition
  • Net Zero / Paris aligned
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
United States
Resolved clause
"RESOLVED: Shareholders request the Board of Directors to oversee an audit that analyzes the impacts, both adverse and beneficial, of Wells Fargo's climate transition policies regarding the economic and humanitarian effects on emerging nations, which rely heavily on - but have limited access to - fossil fuels and other non-""renewable"" sources of power, such as nuclear. Perspectives from a full spectrum of respected economists, nongovernmental organizations, research firms, and public-interest groups could be considered. Wells Fargo should avoid one-sided political or viewpoint bias, with the auditor consulting specialists across a range of stances - including those who may rebut prevailing corporate media- and government-driven narratives on climate and energy. Among perspectives that may be considered include experts such as Alex Epstein, Michael Shellenberger, Bjorn Lomborg, Robert Bryce, Roy Spencer, John Christy, Roger Pielke, Jr., Richard Lindzen, and others.
A report on the audit, prepared at reasonable cost and omitting confidential or proprietary information, should be published on Wells Fargo's website.`"
Whereas clause
"WHEREAS: The global energy crisis has focused the public's and policy makers' attention on the effects from rising energy prices. Russia's invasion of Ukraine is partially to blame, but the haphazard worldwide transition to so-called1 ""green"" energy has arguably inflicted greater harm via toxic pollution and energy prices:2
•According to Fatih Birol, Executive Director of the International Energy Agency (IEA), developing nations are the most vulnerable to rising fossil fuel prices.3 ""Birol said those who will be hit hardest include oil-importing nations in Africa, Asia and Latin America because of higher import prices and their weaker currencies.""
•760 million people, primarily in Africa and Asia, still don't have access to electricity, according to the IEA.4
•Reduced investment in fossil fuels disproportionately impacts the poor.5 ""Reducing poverty is not feasible without access to cheap and reliable energy.""6
•Developing nations represent potential sources of business growth-or decline-for Wells Fargo & Company (""Wells Fargo"" or ""Company"") and the global economy."
Supporting statement
"SUPPORTING STATEMENT: Wells Fargo has made energy transition policies integral to its lending and underwriting activities:
•Wells Fargo joined the Net-Zero Banking Alliance in October 2021.7 The NZBA is a group of leading global banks, convened by the United Nations, committed to transitioning the economy to net-zero emissions by 2050.8
•Wells Fargo has pledged to deploy $500 billion in sustainable finance by 2030.9
•Wells Fargo ""appointed Robyn Luhning to the newly created role of Chief Sustainability Officer"" in April 2022.10
•Wells Fargo aims to reduce the emissions intensity of its Power Sector by 60% by 2030.11
•Wells Fargo aims to reduce absolute emissions in its Oil & Gas sector by 26% by 2030."

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