Earlier this year, Wells Fargo’s Board of Directors announced several actions to strengthen oversight and rebuild the trust of shareholders, customers, and other stakeholders — including team members. One of those actions called for the creation of a new Stakeholder Advisory Council, which the company formally announced today.
The council — comprised of a diverse mix of the company’s stakeholders — will provide insight and feedback from a stakeholder perspective to the company’s Board of Directors and senior management. The council’s focus will be to deepen the company’s understanding of important current and emerging issues relevant to both the company and its stakeholders, including serving the financial needs of underserved communities, diversity and social inclusion, and environmental sustainability.
Council members include:
- Michael Calhoun, president, Center for Responsible Lending
- Mindy S. Lubber, CEO and president, Ceres
- Marc H. Morial, CEO and president, National Urban League
- Janet Murguía, CEO and president, UnidosUS
- Sister Nora Nash, director of Corporate Social Responsibility for the Sisters of St. Francis of Philadelphia, a member of the Interfaith Center on Corporate Responsibility
- Anne Sheehan, director of Corporate Governance, California State Teachers’ Retirement System
- John Taylor, president and CEO, National Community Reinvestment Coalition
Elizabeth “Betsy” Duke, who currently serves as Wells Fargo’s vice chair of the board and will become its chair on January 1, 2018, says, “The council consists of representatives of stakeholder groups especially important to the company, including groups focused on consumer rights, fair lending, the environment, human rights, civil rights, and governance. It is important that the top leadership of our company hears directly from our stakeholders, and we look forward to benefiting from the council’s diverse perspectives and experiences, particularly with respect to our commitment to our customers and communities.”
The Stakeholder Advisory Council will be led by Duke and include the participation of Wells Fargo CEO Tim Sloan.
“We see the council as an extension of our regular engagement with stakeholders to ensure that we gain a strong understanding of what they expect of us and are taking those concerns and feedback into account,” says Sloan. “The council’s insight and input will be instrumental in our efforts to maximize our ability to make a positive impact on customers and communities as we build a better Wells Fargo.”
For more information about how Wells Fargo is building better, reference the two-page Progress Report (PDF), which summarizes actions the company has taken to rebuild trust, and Wells Fargo Today (PDF), a five-page quarterly fact sheet that contains stats and other information about Wells Fargo.