Bank May Make A Withdrawal

March 24, 2017

Wells Fargo shareholders will vote next month, April 25th, whether to require that the bank adopt policies to help protect indigenous tribes after several groups urged people to withdrawal their funds and switch to credit unions and community based banks, #BankExit.

Wells Fargo's reputation was damaged over investments in the Dakota Access Pipeline. Some investors are asking that the bank should examine if deals will hurt indigenous groups, their culture  and traditional lands.

 

                            Photo Credit: The Daily Mining Gazette/Protesters at Houghton's Wells Fargo Bank

The board is recommending that shareholders reject the proposal citing that it already supports the rights of indigenous people and strives to do business with customers who operate responsibly.

 

“We have a responsibility to respect human rights, including the rights of indigenous peoples to determine their own way of life on their own lands, according to their time-honored cultures, traditions and beliefs,” the board wrote in the filing.

 

Dakota Access LLC is funded with over $2.5 billion from Wells Fargo and several other banks (Citigroup, Toronto-Dominion, Mizuho Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. each provided $235 million.).

The ballot item is only one among a half-dozen proposals. It is doubtful that Wells Fargo will win back lost customers, but if they vote the proposal down, they are sure to lose more.

 

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