Wells Fargo shareholders vote against proposal to split CEO/chairman roles

Wells Fargo shareholders on Tuesday voted down a proposal to split the chairman and CEO roles now held by John Stumpf.

At the bank’s annual meeting held in Scottsdale, Ariz., stockholders also elected 15 director candidates, ratified KPMG as the company’s auditor and approved the bank’s executive compensation.

A proposal requesting a report on the company’s lobbying policies and practices failed to receive shareholder approval, the company said in a news release after the meeting.

The San Francisco-based bank has its largest employee base in Charlotte.

Charlotte-based Bank of America holds its shareholder meeting Wednesday at an uptown hotel.