The following statement was delivered by Ann-Michelle Roberts, associate director of equity and major gifts and the Black Collective program director, at the Wells Fargo annual shareholders meeting. Ann-Michelle spoke to a resolution calling for an annual congruence analysis between Wells Fargo’s stated corporate values and its operations and political contributions. The resolution can be found on page 102 of the corporation’s proxy statement.
Hi My name is Ann-Michelle Roberts, with Corporate Accountability. Today, on behalf of Harrington Investments, I present our resolution—now in its third consecutive year—calling for an annual congruence analysis between Wells Fargo’s stated corporate values and its electioneering contributions and public policy affiliations.
Last year, more than 25% of shareholders supported this proposal. That support sent a clear signal: investors are increasingly concerned about reputational risk, brand integrity, and long-term value erosion when a corporation’s words do not fully align with its actions.
It is critical that corporations like Wells Fargo move beyond statements of commitment and actually ensure that every aspect of their operations and political affiliations align with their core principles.
This isn’t just about accountability. It’s about protecting shareholder value, restoring public trust, and ensuring that this corporation doesn’t fund the very forces that oppose its declared mission, or support trade and industry groups that could undermine its own stated policies.
Wells Fargo claims a commitment to environmental, social, and governance (ESG) principles and racial equity. But our team has found clear contradictions between these claims and the company’s actions.
While the company claims to support diversity, equity, and inclusion, its Political Action Committee (PAC) donations tell a different story. According to a leaked PAC “transparency” report, Wells Fargo supports candidates who value bipartisanship and DEI. Yet in practice, it has donated to lawmakers who voted against certifying the 2020 election, and even supported politicians like Governor Greg Abbott, who launched investigations into the families of transgender youth deemed problematic by some.
And let’s not forget—Wells Fargo paid $175 million to settle allegations of discrimination against over 30,000 Black and Hispanic borrowers—just one in a long line of settlements, lawsuits, and broken trust with the communities that the bank claims to uplift.
In 2019 it seemed the corporation would cut ties to private prisons, However concerns remain regarding the institution’s financial institutions past ties to the GEO Group and CoreCivic, corporations that have profited heavily from immigrant detention and mass incarceration of Black and Brown people. Private prison companies like GEO Group have been accused of housing nearly 80% of people held in ICE custody—further expanding the incarceration and criminalization of Black and Brown communities.
Wells Fargo also financially supported the Atlanta Police Foundation, fueling the construction of Cop City, a $90 million police militarization project opposed by Atlanta’s residents. Cop City is a direct investment in police violence which would ultimately fuel the school-to -prison pipeline.
Wells Fargo’s harms extend beyond incarceration into the economic foundation of Black and brown communities. The company played a major role in the predatory subprime mortgage crisis, devastating Black borrowers. The Consumer Financial Protection Bureau found “statistically significant disparities” in how often Black and female borrowers received fewer pricing exceptions compared to other customers.
Shareholders & investors need to know the alignment between what the corporation says and what it does. Wells Fargo cannot continue to claim the moral high ground on issues like climate, race, and equity—while quietly investing in their erosion. The time for ambiguity is over.
We are asking you— shareholders—to vote YES on Item [#5] and support our call for an annual congruence analysis of whether Wells Fargo’s operations and political affiliations, board service and membership affiliations align with its own stated values.
