This is so disgusting. When are us little people going to help abolish this craziness. With WF and CS's clear incompetence this is a super slap in the face of WF workers. He should have a below expectations review with his inability to mitigate WF compliance bleeding.
https://www.cnn.com/2022/06/07/economy/ceo-pay-gap-median-worker-wages/index.html
Charles in charge does indeed suck - but CEOs still deserve to make a ton of money. He will be gone soon I’m sure and maybe we will get a CEO in here again who actually has a direction toward growing the business.
I shoulda went to CEO school.
@tkc+1h7mXxG3 The game IS rigged! The board can override the shareholder votes on items like salary so even if individual investors all voted no on raise and were the majority, the board could ignore and override.
The pool of board members is not very deep so you have elites all protecting their own self interest l. Not the shareholder, employee or other stakeholder interests - unless they just happen to be in alignment.
While he certainly isn't worth it, you could take 100% of charlie's salary and give it to all the WFC employees and we'd have enough to buy two shares of WFC. People who blame the wealthy for their lack of money are just really bad at math.
The board of directors is often mostly comprised of executives from other firms. Executives at Wells Fargo serve on boards of other companies. This creates a good ol' boys (and girls) network of people who scratch each others' back with ridiculous compensation packages.
The game is rigged.
A major reason this is out of control is because shares of stock are held in mutual funds and ETFs. That means it isn’t the individual voting as a shareholder. It is investment advisers that are just voting the shares and keeping these large salaries. They like to vote “with management”. If you own individual stock, you should vote against this stuff, but it will be an uphill battle.
Agreed. Look at the prospectus for the details.