Wells Fargo & Co. agreed to publicly report on the root causes that led to a rash of ethical lapses in recent years, a group of investors said.
The group, led by the Interfaith Center on Corporate Responsibility and including about 20 religious organizations as well as state officials from Rhode Island and Connecticut, said Tuesday they would withdraw a shareholder proposal on the issue following the bank’s decision. They had sought to put it to a vote at the lender’s annual meeting in April.
“Interfaith Center on Corporate Responsibility”? Does that mean…?
“They were in a culture where they believed their vision and values have carried them for the past 30 years and were continuing to carry them,” said Sister Nora Nash, who oversees retirement funds for Sisters of St. Francis of Philadelphia, which led the proposal. “Obviously, there was tremendous risk in their culture, and we need to take a serious look at the code of ethics, accountability and really look at the needs of the customer and community.”
Wells Fargo is having its soul investigated by actual nuns, you guys.
If Tim Sloan thought that Elizabeth Warren was a dogmatically intractable pain in the ass, wait until he ends up face-to-face with an actual nun peering at him from under her habit and musing “Evil can be done by simply doing nothing, Timothy.”
Mmm, that’s some good schadenfreude.