Ahead of its annual meeting Tuesday, Wells Fargo & Co. has urged shareholders to reject proposals that would split its top executive's duties and address possible conflicts of interest.
One investor proposal seeks to separate the roles of chief executive officer and chairman of the board, both of which are held by John Stumpf. With the support of advisory services like Glass Lewis & Co. and ISS Proxy Advisory Services, investors are seeking to remove Philip Quigley, the company's lead director, because of his son's employment in Wells' wholesale banking division. Glass Lewis has also recommended a no vote against Cynthia Milligan, a current director whose brother works for Wells, and seeks the ouster of three former Wachovia directors, John Baker II, Donald James and Mackey McDonald.
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