(Reuters) – Roughly 57% of investor votes cast on Tuesday backed Wells Fargo & Co’s executive pay plan for 2020, marking a narrow win for a proposal most shareholders usually rubberstamp.
Chief Executive Officer Charles Scharf’s annual pay fell about $3 million, or 12%, in 2020, a regulatory filing showed in January. The board cited the drop in the bank’s financial results for 2020, impacted by the COVID-19 pandemic, as one of the reasons for the lower compensation.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli)
