Zero tolerance for sexual harassment
A message from David Galloreese, head of Wells Fargo Human Resources.
Wells Fargo has zero tolerance for sexual harassment. Following internal dialogue and feedback from various stakeholders, including the proponents of a shareholder proposal, we have decided that, effective immediately, Wells Fargo will not require arbitration for employees in connection with any future sexual harassment claims.
This is the appropriate change to make at this time for our employees. The treatment of sexual harassment claims has become an increasingly prominent issue across industries. We’ve taken many steps to create and maintain a workplace environment that promotes and protects the safety and well-being of our employees. We believe that Wells Fargo’s anti-harassment policies and programs are robust, comprehensive, and effectively reinforced throughout the organization, and we believe they reflect the company’s commitment to combating workplace sexual harassment.
Over the last few years, Wells Fargo has increased transparency with our stakeholders through additional engagement and disclosures. Ahead of our 2020 annual shareholder meeting, we received a shareholder proposal from Clean Yield Asset Management that focused on mandatory arbitration of workplace sexual harassment claims.*
Our Board of Directors and our company value and consider the feedback we receive from all stakeholders, including shareholders, and have acted to enhance our practices and transparency in response to those perspectives.
*Generally, the company’s mandatory employment arbitration policy applies to those hired since Dec. 11, 2015.