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Wells Fargo & Co. stockholders elected the San Francisco-based bank's slate of 14 directors on Tuesday and voted down five shareholder proposals, including one that called for a board review of mortgage operations.
Investors at Wells' annual meeting also approved the bank's 2010 executive compensation and backed a proposal giving shareholders a yearly vote on management's pay.
Two proxy advisory firms had recommended shareholders vote against lead director Philip Quigley, questioning his independence because his son works for Wells. One of the firms, Glass Lewis & Co., also urged investors to reject four other directors, including three who joined the company from Charlotte-based Wachovia Corp.
Wells will disclose the votes cast for the directors in a securities filing in coming days, bank spokesman Ancel Martinez said.
A shareholder proposal asking the board to amend company bylaws to allow holders of 10 percent of the company's stock to call a special shareholder meeting garnered the most support, with 44 percent of votes cast. A proposal calling for an independent chairman received 30 percent of votes cast, while the mortgage audit proposal gathered 22 percent.
The start of the meeting, held Tuesday afternoon in San Francisco, was delayed 25 minutes by protesters demanding a moratorium on home foreclosures, according to Bloomberg News. Wells chief executive John Stumpf said he would not comply.
Wells bought Wachovia in 2008 and now has its largest employee hub in Charlotte.
