Wells Fargo recommends shareholders reject racial equity audit proposal

March 16, 2021 5:53 PM EDT

FILE PHOTO: A man walks by an ATM at the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking/File Photo

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(Reuters) - Wells Fargo & Co recommended shareholders vote against a proposal asking the bank to conduct a racial equity audit, citing a comprehensive assessment on human rights issues already underway at the bank.

It is common practice for firms to recommend shareholders vote against resolutions on the annual proxy ballots that are not put forward by management. Similar proposals have been filed at other companies but Wells Fargo is among the first to spell out their opposition.

Separately, the bank said Chief Executive Charlie Scharf's 2020 compensation fell to $20.4 million from $34.3 million a year earlier, mostly due to compensation for forfeited equity when he joined the company from Bank of New York Mellon.

(Reporting by Imani Moise; Editing by Chris Reese)

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