WELLS FARGO & COMPANY | Simple majority vote at WELLS FARGO & COMPANY
How other organisations have declared their voting intentions
| Organisation name | Declared voting intentions | Rationale |
|---|---|---|
| Rothschild & co Asset Management | For | |
| Anima Sgr | For | In this case, the company's "local directors" bylaw appears to be narrowly-tailored and not applicable to shareholders at the parent-company level, and thus WFC shareholders are unlikely to seek to amend this provision. The Delaware law requiring supermajority approval for certain transactions with interested shareholders is an anti-takeover provision and shareholders would likely benefit if the company were to opt out of that provision. As an outright hostile takeover of a systemically important financial institution such as WFC is nearly unthinkable, there does not appear to be a compelling reason for WFC not to opt out of the Delaware law provision requiring supermajority approval for transactions with "interested stockholders." Moreover, bylaw amendments presently require approval from a majority of shares outstanding and a reduction to a majority of votes cast standard would be beneficial for shareholders. As such, given that a reduction in certain vote requirements would be beneficial for shareholders. |
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