Activist says Wells Fargo to face critical shareholder resolutions


An activist investor said on Wednesday it is "inevitable" that Wells Fargo & Co will face critical shareholder resolutions after the giant bank agreed to a $190 million settlement with regulators over fake consumer accounts.

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Tim Smith, who leads shareholder engagement efforts at Walden Asset Management in Boston, said his firm is talking with investors including state pension funds and labor groups about submitting resolutions for the bank's springtime shareholder meeting that may call for things like clawing back the pay of executives or requiring the company to report on its governance procedures.

(Reporting by Ross Kerber; Editing by Chris Reese)