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Resolution Details

Company:

Wells Fargo & Company

Year:

2024

Issue Area:

Environment

Focus Area:

Climate Financing, Indigenous Peoples/FPIC

Status:

Filed

Resolution Text

Whereas: The UN Declaration on the Rights of Indigenous Peoples and International Labour Organization Convention 169 concerning Indigenous and Tribal Peoples in Independent Countries are internationally-recognized standards for Indigenous Peoples’ rights.[1] Violation of these rights presents risks for Wells Fargo that can adversely affect shareholder value, including reputational damage, project disruptions, litigation, and civil and criminal liability.[2] Wells Fargo has a history of financing projects and companies that violate Indigenous rights, most notably as a lead financier of the Dakota Access pipeline in 2016, which resulted in two cities withdrawing $2 billion in assets from the bank.[3] Several years later, Wells Fargo provided over $3.86 billion in financing to Enbridge, enabling the widely opposed Enbridge Line 3 and Line 5 tar sands pipeline reroutes.[4]

 

Enbridge Line 3’s construction and operation violates numerous Indigenous rights, including the rights to free, prior, and informed consent (FPIC); health; culture; religion; security; and assembly.[5] Similarly, Indigenous leaders from the Great Lakes tribes have called Enbridge’s Line 5 project “an act of cultural genocide.”[6] A 2022 ruling found that Line 5 was operating illegally on Bad River Band territory since 2013.[7] Michigan Governor Whitmer canceled Enbridge’s certification in 2020, citing “Enbridge’s historic failures and current non-compliance” as jeopardizing the safety of Michigan residents and the environment.[8] Significant material social risks have already materialized for Enbridge and its financiers through litigation, ongoing opposition led by Indigenous Peoples, allegations of civil rights abuses, investigations into treaty violations, and environmental damages.[9] 

 

Investor expectations on this issue are increasing, as institutions develop screens against companies with a pattern of violating Indigenous rights.[10] BlackRock’s 2021 Investment Stewardship Statement included an expectation for companies to respect FPIC in business decisions that impact Indigenous Peoples.[11] Wells Fargo’s Indigenous Peoples Statement is misaligned with international human rights standards for FPIC and is limited to project financing. Similarly, the Equator Principles Wells Fargo adheres to have been described by Indigenous experts as “critically weak” and limited in scope.[12] Wells Fargo’s recent Native investment initiative[13] does not shield the company from material risk connected to insufficient due diligence on Indigenous rights. Effective policies that protect Indigenous rights are critical to meeting Wells Fargo’s own commitments and mitigating material risk to shareholders. 

 

[1] https://www.un.org/development/desa/indigenouspeoples/declaration-on-the-rights-of-indigenous-peoples.html ; https://www.ilo.org/dyn/normlex/en/f?p=NORMLEXPUB:12100:0::NO::P12100_INSTRUMENT_ID:312314 

[2] https://www.colorado.edu/program/fpw/sites/default/files/attached-files/social_cost_and_material_loss_0.pdf ; https://amazonwatch.org/news/2022/0622-the-business-case-for-indigenous-rights 

[3] https://www.npr.org/sections/thetwo-way/2017/02/08/514133514/two-cities-vote-to-pull-more-than-3-billion-from-wells-fargo-over-dakota-pipelin  

[4]  https://www.ran.org/wp-content/uploads/2020/12/RAN-Briefing_Line3_KXL.pdf 

[5] ttps://www.colorado.edu/program/fpw/sites/default/files/attached-files/cerd_request_line_3_pipeline.pdf 

[6] https://www.stopline3.org/news/women-leaders-line5 

[7] https://michiganadvance.com/wp-content/uploads/2022/09/20515906551-1.pdf 

[8] https://www.michigan.gov/whitmer/news/press-releases/2020/11/13/governor-whitmer-takes-action-to-shut-down-the-line-5-dual-pipelines-through-the-straits-of-mackina 

[9] https://indiancountrytoday.com/news/enbridge-takes-the-gloves-off-in-line-5-battle ; https://www.cbsnews.com/minnesota/news/judge-gives-enbridge-3-years-to-close-oil-pipeline-on-tribal-land-in-wisconsin-4/ 

[10] https://amazonwatch.org/news/2022/0622-the-business-case-for-indigenous-rights 

[11] https://www.blackrock.com/corporate/literature/publication/blk-commentary-engagement-on-human-rights.pdf 

[12] https://www.colorado.edu/program/fpw/2019/11/19/first-peoples-response-ep4-critically-weak-equator-principles-puts-global-development 

[13] https://newsroom.wf.com/English/news-releases/news-release-details/2023/Wells-Fargo-Launches-20-Million-Invest-Native-Initiative-for-Native-American-Communities/default.aspx 

 

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Resolution Details

Company:

Wells Fargo & Company

Year:

2023

Issue Area:

Human Rights & Worker Rights

Focus Area:

Indigenous Peoples/FPIC

Status:

Withdrawn – Technical

Resolution Text

Shareholders request the Board of Directors provide a report to shareholders, at reasonable cost and omitting proprietary and confidential information, outlining the effectiveness of Wells Fargo’s policies, practices, and performance indicators in respecting internationally-recognized human rights standards for Indigenous Peoples’ rights in its existing and proposed general corporate and project financing.

Whereas: The UN Declaration on the Rights of Indigenous Peoples and International Labour Organization Convention 169 concerning Indigenous and Tribal Peoples in Independent Countries are internationally-recognized standards for Indigenous Peoples’ rights. Violation of these rights presents risks for Wells Fargo that can adversely affect shareholder value, including reputational damage, project delays and disruptions, litigation, and civil and criminal liability. Wells Fargo has a history of financing projects and companies that violate Indigenous Rights, most notably as a lead financier of the Dakota Access pipeline (DAPL) in 2016. As a result two cities pulled $2 billion in assets from the bank. Recently, Wells Fargo provided over $3.86 billion in financing for the widely-opposed Enbridge Line 3 pipeline and Line 5 tar sands pipeline reroute.

Indigenous leaders from the Great Lakes tribes have called Enbridge’s Line 5 pipeline and its proposed reroute “an act of cultural genocide” that pose significant risks to the land, water, and cultural rights of Indigenous Peoples. A 2022 ruling found that Line 5 was operating illegally on Bad River Band territory since 2013. Michigan Governor Whitmer canceled Enbridge’s certification in 2020, citing “Enbridge’s historic failures and current non-compliance” as jeopardizing the safety of Michigan residents and the environment. Michigan’s twelve federally recognized Tribal Nations and Governor Whitmer formally requested President Biden to decommission Line 5 in 2021, and the pipeline faces multiple, ongoing lawsuits. The severity of Indigenous opposition is reflected by the Bay Mills Indian Community’s issuing of a formal resolution banishing the pipeline from its reservation, citing Enbridge’s deceptive tactics, poor environmental track record, and risk of “catastrophic damage” to Indigenous Rights.

Wells Fargo also played a lead role in financing the Enbridge Line 3 pipeline, which violated numerous internationally-protected Indigenous Rights, including the rights to free, prior, and informed consent (FPIC); health; culture; religion; security; and assembly. Wells Fargo faces reputational risk if its climate and human rights commitments are discredited by financing activities that violate Indigenous Rights.

Investor expectations on this issue are increasing, as institutions develop screens against companies with a pattern of violating Indigenous Rights. BlackRock’s 2021 Investment Stewardship Statement included an expectation for companies to respect FPIC in business decisions that impact Indigenous Peoples. Wells Fargo’s Indigenous Peoples Statement is misaligned with international human rights standards for FPIC and is limited to project financing. Similarly, the Equator Principles Wells Fargo adheres to have been described by Indigenous experts as “critically weak” and limited in scope. Indigenous Peoples care for 50% of the earth’s surface and steward 80% of its biodiversity. Effective policies that protect Indigenous Rights are critical to meeting Wells Fargo’s own Net Zero and racial equity commitments. 

  

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Resolution Details

Company:

Wells Fargo & Company

Year:

2023

Issue Area:

Human Rights & Worker Rights

Focus Area:

Right To Organize/Unions

Status:

Vote

Vote Percentage:

35.60%


Wells Fargo & Company Respect for Freedom of Association and Collective Bargaining – Proxy Exempt Solicitation
Proxy Exempt Solicitation
https://www.sec.gov/Archives/edgar/data/72971/000197298823000003/bbbwfletter.htm


Resolution Text

RESOLVED: Shareholders urge the Board of Directors of Wells Fargo & Company (“Wells Fargo”) to adopt and publicly disclose a policy on its commitment to respect the international human rights of freedom of association and collective bargaining. The policy should:

Be applicable to Wells Fargo’s direct operations and subsidiaries globally;

Include a commitment to non-interference when employees exercise their right to form or join trade unions;

Prohibit any member of management or agent of Wells Fargo from undermining the right to form or join trade unions or pressuring any employee from exercising this right;

Describe the ongoing due diligence process Wells Fargo will use to identify, prevent, mitigate and account for any violations of these rights, including how it will remedy any misaligned practices.

SUPPORTING STATEMENT

Freedom of association and the effective right to collective bargaining are internationally recognized human rights according to the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work and the United Nations’ Universal Declaration of Human Rights. However, Wells Fargo’s Human Rights Statement, Code of Ethics and Business Conduct, and Supplier Code of Conduct are silent on Wells Fargo’s obligations to respect the international human rights of freedom of association and collective bargaining.

In February 2022, Wells Fargo published “Priority Recommendations of the Wells Fargo Human Rights Impact Assessment and Actions in Response” that summarized a human rights impact assessment performed by a third party law firm. The recommendations stated that “Wells Fargo should consider prioritizing the issuance of a comprehensive human rights policy and providing training to the bank’s leadership and senior management regarding the [United Nations Guiding Principles on Business and Human Rights].”

In response to lawmakers’ questions at a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on September 22, 2022 and a U.S. House Committee on Financial Services hearing on September 21, 2022, Wells Fargo CEO Charles Scharf declined to commit to remain neutral if Wells Fargo’s employees seek to unionize. And on June 15, 2022, an unfair labor practice charge was filed with the National Labor Relations Board alleging that Wells Fargo discharged an employee in retaliation for exercising her freedom of association rights.1

We believe this resolution will also help address human rights risks at Wells Fargo’s operations in other countries. Wells Fargo’s largest international operations are in India and the Philippines. The 2022 ITUC Global Rights Index rated India and the Philippines as countries with no guarantee of rights, explaining that such countries are “the worst countries in the world to work in. While the legislation may spell out certain rights, workers have effectively no access to these rights and are therefore exposed to autocratic regimes and unfair labour practices.”2

For these reasons, we urge shareholders to vote FOR this resolution.

1 Wells Fargo Bank, N.A., Charge Against Employer, US. National Labor Relations Board, 18-CA-297701, June 15, 2022, https://www.nlrb.gov/case/18-CA-297701.
2 International Trade Union Confederation, 2022 ITUC Global Rights Index, 2022, https://www.globalrightsindex.org/en/2022/media.

  

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Resolution Details

Company:

Wells Fargo & Company

Year:

2023

Issue Area:

Human Rights & Worker Rights

Focus Area:

Human Rights, Racial Justice

Status:

Filed

Resolution Text

RESOLVED that shareholders of Wells Fargo & Company (“WFC”) urge the Board of Directors to oversee an independent racial equity audit analyzing WFC’s adverse impacts on nonwhite stakeholders and communities of color, excluding impacts related to WFC’s philanthropic and diversity, equity and inclusion (“DEI”) efforts, and describing the steps, if any, WFC plans to take to mitigate those impacts. Input from civil rights organizations, employees, and customers should be considered in determining the specific matters to be analyzed. A report on the audit, prepared at reasonable cost and omitting confidential or proprietary information, should be publicly disclosed on WFC’s website.

SUPPORTING STATEMENT

High-profile police killings of black people—most recently George Floyd—have galvanized the movement for racial justice. That movement, together with the disproportionate impacts of the pandemic, have focused the attention of the media, the public and policy makers on systemic racism, racialized violence and racial inequities.

In June 2020, WFC announced initiatives to improve workforce diversity and inclusion, and invest in black-owned businesses.1 WFC recently declared that it had commissioned an independent racial equity audit, but the scope of the audit appears to be quite limited.

WFC stated that the audit will “focus on elements of Wells Fargo’s efforts to serve diverse communities and promote a diverse workforce.”2 The examples WFC provided of those efforts were limited to philanthropy, small investments in and transactions with black-owned businesses, and DEI initiatives involving the workforce. The descriptions of those topics touted benefits WFC had provided to diverse communities, but did not identify any adverse impacts, the core request of this proposal.

We refiled this proposal to ask WFC to broaden the scope of its contemplated racial equity audit and undertake a comprehensive audit focused on adverse impacts. We believe that efforts by a company to address racial injustice must begin with identifying adverse impacts of the company’s policies, practices, and actions, which provide a roadmap for mitigating existing harms and preventing harms from being inflicted in the future.

Additional areas to consider, including in a comprehensive audit focused on adverse impacts, are the effects of lending and underwriting policies and practices, the implications of supporting police foundations, and the impacts of WFC’s political contributions and lobbying. Last year’s proposal documented racial disparities in lending, donations to police foundations, and contributions to members of Congress who objected to certifying the 2020 presidential election results. Recently, WFC helped underwrite bonds issued to construct two prisons in Alabama, where half the inmates are black despite making up only 25% of the state’s population and where conditions are so violent that the Justice Department sued the state in 2020.3

A comprehensive racial equity audit would help WFC identify, prioritize, remedy and avoid adverse impacts on nonwhite stakeholders and communities of color. We urge WFC to assess its behavior through a racial equity lens in order to obtain a complete picture of how it contributes to, and could help dismantle, systemic racism.

1 Seehttps://stories.wf.com/wells-fargo-ceo-a-watershed-moment/
2 https://newsroom.wf.com/English/news-releases/news-release-details/2022/Wells-Fargo-to-Commission-Third- Party-Racial-Equity-Audit/default.aspx
3 https://www.newyorker.com/news/q-and-a/the-stunning-neglect-and-racist-politics-behind-alabamas-prison- strike

  

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Resolution Details

Company:

Wells Fargo & Company

Year:

2023

Issue Area:

Climate Change

Focus Area:

Climate Change, Climate Financing

Status:

Vote

Vote Percentage:

31.10%


Wells Fargo & Company Transition Planning – Proxy Memo
23.WFC_.1+Wells+Fargo+Climate+Proxy+Memo_WEB.pdf


Resolution Text

RESOLVED: Shareholders request that Wells Fargo issue a report disclosing a transition plan that describes how it intends to align its financing activities with its 2030 sectoral greenhouse gas emissions reduction targets, including the specific measures and policies to be implemented, the reductions to be achieved by such measures and policies, and timelines for implementation and associated emission reductions.

WHEREAS: The banking sector has a critical role to play in achieving global Net Zero by 2050 goals. The Net Zero Banking Alliance (NZBA) notes that 40 percent of global banking assets have committed to aligning lending and investment portfolios with net zero by 2050.[1] But targets alone are insufficient. Investors seek disclosures demonstrating banks’ concrete transition strategies to credibly achieve their disclosed emission reduction targets.

The United Nations has recommended that financial institution transition plans demonstrate how all parts of the business align with interim targets and long-term net zero targets.[2] Other guidelines exist to help financial institutions operationalize and translate net zero commitments into strategies “with specific objectives… against which progress can be assessed.”[3],[4]

Wells Fargo is the third largest global financer of fossil fuels, with $46 billion in fossil fuel financing in 2021, and nearly $272 billion between 2016 through 2021.[5]  Of the top 3 fossil fuel funders, only Wells increased its fossil fuel funding above 2019 levels.[6]

Recognizing the need for action, and the importance of achieving global 1.5oC climate goals, Wells is a member of the NZBA. In March 2021, Wells announced a Net Zero by 2050 greenhouse gas emissions (GHG) reduction goal. It also announced five broad areas of focus toward this goal. In addition to its Net Zero target, it disclosed an approach for measuring and annually disclosing its financed emissions; it committed to and has set 2030 reduction targets for the oil & gas and power portfolio sectors; it established an institute for sustainable finance to assist clients achieve GHG emissions reductions; and integrated climate into its risk management framework.[7]  

These are important and critical first steps. But Wells cannot stop there. Shareholders are concerned that Wells does not have, or does not disclose, a transition plan for how it will achieve its 2030 sectoral reductions targets. An effective transition plan creates bank accountability by describing the affirmative strategies, indicators, milestones, metrics, and timelines necessary to deliver on its decarbonization targets and ensure investors that the bank is fully accountable for the risks associated with its financing of high-carbon activities.

A transition plan could include, for example, disclosure of clients’ estimated annual reductions and how the bank plans to achieve remaining reductions. Additional actions may include client and employee incentives or disincentives; setting requirements, including loan approval guidelines, investment and underwriting priorities or prohibitions; and policies or guidelines that otherwise restrict, limit, or condition bank business activities, among others.

[1] https://www.unepfi.org/net-zero-banking/

[2] https://www.un.org/sites/un2.un.org/files/high-level_expert_group_n7b.pdf p.21-22

[3] https://www.iigcc.org/media/2022/07/An-investor-led-framework-of-pilot-indicators-to-assess-banks-on-the-transition-to-net-zero-28-July.pdf

[4] https://assets.bbhub.io/company/sites/63/2022/06/GFANZ_Recommendations-and-Guidance-on-Net-zero-Transition-Plans-for-the-Financial-Sector_June2022.pdf

[5] https://www.ran.org/wp-content/uploads/2022/03/BOCC_2022_vSPREAD-1.pdf

[6] https://www.ran.org/wp-content/uploads/2022/03/BOCC_2022_vSPREAD-1.pdf

[7] https://newsroom.wf.com/English/news-releases/news-release-details/2021/Wells-Fargo-Sets-Goal-to-Achieve-Net-Zero-Greenhouse-Gas-Emissions-by-2050/default.aspx

  

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Resolution Details

Company:

Wells Fargo & Company

Year:

2023

Issue Area:

Climate Change, Lobbying & Political Contributions

Focus Area:

Climate Lobbying, Paris-Aligned Climate Lobbying

Status:

Vote

Vote Percentage:

32.03%


Wells Fargo Paris-Aligned Climate Lobbying – Proxy Exempt Solicitation
j324230px14a6g.pdf


Resolution Text

WHEREAS: A 2022 assessment by the Intergovernmental Panel on Climate Change[1] stated that nations and fossil-fuel users have fallen short[2] of the Paris Agreement goals and that sudden and dramatic changes are required. The Financial Stability Oversight Council identified climate change as an emerging and increasing threat to the financial system.[3]

Wells Fargo & Company (“Company”) CEO Charlie Scharf stated, “Climate change is one of the most urgent environmental and social issues of our time, and Wells Fargo is committed to aligning our activities to support the goals of the Paris Agreement and to helping transition to a net zero carbon economy.”[4] Consistent with this pledge, the Company joined the Net Zero Banking Alliance.[5]

Voluntary initiatives are insufficient to meet the Paris Agreement goals without robust climate public policy. Major companies have enormous influence and bipartisan credibility to help establish a policy environment that will avert the most dire climate risks and take advantage of the opportunity of this generational economic shift. Corporate lobbying that is inconsistent with the Paris Agreement poses escalating material risks to companies and investors.[6] 

The Company committed to advocate for policies that enable client transitions to net zero emissions.[7]

However, the Company’s positions on and details of engagement with policymakers are unclear.[8] A recent letter submitted to the Municipal Advisory Council of Texas shows evidence of the Company’s continued support for investing in fossil fuels.[9] The Company’s sponsorship of the State Financial Officers Foundation, which has been weaponizing state treasurers’ offices against climate-related financial risk management, has been called out by members of Congress.[10]

Of increasing concern are trade associations and other policy organizations that speak for business but too often present major obstacles to addressing the climate crisis. The Company is a member of financial industry associations which are opposing emerging sustainable finance policy, including the U.S. Chamber of Commerce, the Business Roundtable, and the California Chamber of Commerce.[11]  

RESOLVED:  Shareholders of Wells Fargo and Company request that the Board of Directors analyze and report to shareholders annually (at reasonable cost, omitting confidential and proprietary information) on whether and how it is aligning its lobbying and policy influence activities and positions, both direct and indirect through trade associations, coalitions, alliances, and other organizations, with its public commitment to achieve net zero emissions by 2050 including the activities and positions analyzed, the criteria used to assess alignment, and involvement of stakeholders, if any, in the analytical process.

SUPPORTING STATEMENT: In evaluating the degree of alignment between the Company’s emissions goals and its lobbying, the Company should disclose its direct and indirect policy positions and lobbying actions with regard to climate provisions of key international, federal and state legislation and regulation. The Company should consider  investor expectations described in the Global Standard on Responsible Climate Lobbying[12] as a useful resource for implementation.

[1] https://report.ipcc.ch/ar6wg3/pdf/IPCC_AR6_WGIII_SummaryForPolicymakers.pdf

[2] https://www.gov.uk/government/news/window-for-climate-action-closing-fast;

[3] https://home.treasury.gov/news/press-releases/jy0426  

[4] https://newsroom.wf.com/English/news-releases/news-release-details/2021/Wells-Fargo-Sets-Goal-to-Achieve-NetZero-Greenhouse-Gas-Emissions-by-2050/default.aspx

[5] https://newsroom.wf.com/English/news-releases/news-release-details/2021/Wells-Fargo-Joins-Net-Zero-BankingAlliance/default.aspx

[6] https://www.occ.gov/news-issuances/speeches/2021/pub-speech-2021-116.pdf?source=email

[7] https://newsroom.wf.com/English/news-releases/news-release-details/2021/Wells-Fargo-Sets-Goal-to-Achieve-NetZero-Greenhouse-Gas-Emissions-by-2050/default.aspx

[8] https://www.ceres.org/accelerator/responsible-policy-engagement/database/wells-fargo

[9] https://lobbymap.org/site//data/000/941/WellsFargo_TexasMACCertification_January_2022.pdf

[10] http://casten.house.gov/sites/evo-subsites/casten.house.gov/files/evo-media-document/10-20-22-wf-sfofsponsorship-follow-up_1.pdf

[11] https://influencemap.org/report/Finance-and-Climate-Change-17639

[12] https://climate-lobbying.com/wp-content/uploads/2022/03/2022_global-standard-responsibleclimatelobbying_APPENDIX.pdf

  

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Resolution Details

Company:

Wells Fargo & Company

Year:

2023

Issue Area:

Climate Change

Focus Area:

Climate Financing

Status:

Vote

Vote Percentage:

8.50%


Wells Fargo Time-Bound Phase-Out of New Fossil Fuel Exploration and Development – Proxy Exempt Solicitation
p321230px14a6g.pdf


Resolution Text

Whereas: Climate change poses a systemic risk, with estimated global GDP loss of 11-14% by midcentury under current trajectories.[1] The climate crisis is primarily caused by fossil fuel production and combustion, which is enabled by funding from financial institutions.

According to scientific consensus, limiting warming to 1.5°C means that the world cannot develop new oil and gas fields or coal mines beyond those already approved (new fossil fuel exploration and development).[2] Existing fossil fuel supplies are sufficient to satisfy global energy needs.[3] New oil and gas fields would not produce in time to mitigate current energy market turmoil resulting from the Ukraine War.[4]

Wells Fargo (WFC) has committed to align its financing with the Paris Agreement,[5] achieving net-zero emissions by 2050, consistent with limiting global warming to 1.5°C.[6] However, WFC’s policies and practices are not net-zero aligned.

WFC is the world’s third largest funder of fossil fuels, providing $271 billion in lending and underwriting to fossil fuel companies during 2016-2021, including $37 billion to 100 top companies engaged in new fossil fuel exploration and development.[7] WFC’s existing commitments do not equate to alignment: under its 2030 absolute emissions target for oil and gas, WFC can continue to finance new fossil fuel exploration and development, increasing stranded asset risk.

Without a policy to phase out financing of new fossil fuel exploration and development, WFC is unlikely to meet its climate commitments and merits scrutiny for material risks that may include:

Greenwashing: Regulators are tightening and enforcing greenwashing regulations, which could result in fines and settlements.[8]
Regulation: Central banks, including the Fed, are starting to implement climate stress tests[9] and scenario analyses,[10] and some have begun to propose increased capital requirements for climate risks.[11] 
Competition: Dozens of global banks have adopted policies to phase out financing for new oil and gas fields[12] and coal mines.[13]
Reputation: Campaigns targeting WFC’s climate policies include organizations with tens of millions of global members and supporters, including current and potential WFC customers.[14]

By exacerbating climate change, WFC is increasing systemic risk, which will have significant negative impacts – including physical risks and transition risks[15] – for itself and for diversified investors.

Best practices for banks to achieve net zero involve financing of companies reducing scopes 1-3 absolute emissions and allocating capital in line with science-based, independently verified short, medium and long-term decarbonization targets. Organizations like the Science Based Targets initiative and Transition Pathway Initiative can provide independent verification of decarbonization targets.

RESOLVED: Shareholders request that the Board of Directors adopt a policy for a time-bound phase-out of WFC’s lending and underwriting to projects and companies engaging in new fossil fuel exploration and development.

Supporting Statement: This proposal is intended, in the discretion of board and management, to enable support for WFC’s energy clients’ low-carbon transition.

[1] https://www.swissre.com/media/press-release/nr-20210422-economics-of-climate-change-risks.html   

[2] https://www.iisd.org/system/files/2022-10/navigating-energy-transitions-mapping-road-to-1.5.pdf

[3] https://www.ipcc.ch/report/ar6/wg3/resources/spm-headline-statements/

[4] https://www.iea.org/commentaries/what-does-the-current-global-energy-crisis-mean-for-energy-investment

[5] https://sites.wf.com/co2emission /

[6] https://www.unepfi.org/net-zero-banking/commitment/

[7] http://bankingonclimatechaos.org/

[8] https://www.bankingsupervision.europa.eu/press/speeches/date/2022/html/ssm.sp220922~bb043aa0bd.en.html

[9] https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220708~565c38d18a.en.html

[10] https://www.federalreserve.gov/newsevents/pressreleases/other20220929a.htm

[11] https://www.bis.org/review/r220223e.htm

[12] https://oilgaspolicytracker.org/

[13] https://coalpolicytool.org/

[14] https://stopthemoneypipeline.com/

[15] https://www.bis.org/bcbs/publ/d517.pdf

  

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