Proxy advisers have already proposed that investors vote against the reappointment of chairman Stephen Sanger.
Wells Fargo, the troubled US bank, is just one week away from an annual general meeting at which the roles of many of its board directors could be threatened. According to the Wall Street Journal, the most vulnerable director is chairman Stephen Sanger, who occupied the role after the departure of chairman and chief executive John Stumpf. This followed a sales scandal that resulted in a $185m payment to the Securities and Exchange Commission (SEC). The WSJ quotes New York City comptroller Scott Stringer saying: "The fraud at Wells Fargo is ultimately an oversight failure. That’s why accountability—and real, meaningful change—needs to start at the top. The only question is which directors, and that is what investors are now a