Wells Fargo Chairman-CEO Power Role Remains Intact.
The stockholders voted against a proposal to amend the company's by-laws to require the Chairman of the Board to be an independent director, Wells Fargo said in a statement.
It was the fifth straight year that the proposal has lost, receiving only 40 percent of the vote, according to the Associated Press.
In a separate vote, shareholders voted against requiring the company to issue semi-annual reports disclosing political contributions and expenses.
In an executive compensation related vote, shareholders approved increasing shares available for awards under the firm's Long-Term Incentive Compensation Plan.
Shareholders also elected 19 nominees to the board of directors and approved KPMG LLP as the company's independent auditors for 2009.
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|Publication:||International Business Times - US ed.|
|Article Type:||Brief article|
|Date:||Apr 29, 2009|
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