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Are Clawbacks and Shareholder Proposals Essential to Corporate Governance?

Livinglies's Weblog

By CitiBank Whistleblower Richard Bowen


The recent Wells Fargo financial misdoings situation has focused much-needed attention once again on clawbacks, the forced return of pay and stock grants, and shareholders involvement in corporate guidance policies. The Wells Fargo’s board voted to claw back an additional $75 million in compensation from the bank’s former chief executive, John G. Stumpf, and its former head of community banking, Carrie L. Tolstedt. 

Apparently, the warning signs could be traced back at least to 2004, the investigators said. Ms. Tolstedt, who ran the national network of Wells Fargo branches, set up ruthless sales goals that even she acknowledged were unreachable. Mr. Stumpf, who had a long and trusting relationship with Ms. Tolstedt, left her on her own to run her department, the investigators said in the scathing 113-page report

The clawbacks, totalling $135 million, which to date are the largest in banking…

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