Wells Fargo

In terms of senior leadership accountability, the responsibility for sustainability within Wells Fargo lies with the corporate responsibility committee of the board of directors. The bank also discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.

Wells Fargo has set a target of net-zero financed emissions by 2050. The bank discloses that its asset management arm is a member of Climate Action 100+ and that it collectively engages with its investees on the topic of climate change. Moreover, Wells Fargo discloses the aggregate amount and share of finance it devotes to climate solutions while specifying what these solutions are, namely clean transportation, energy efficiency, green buildings and renewable energy commitments. It also aims to finance USD 200 billion towards climate solutions by 2030, 50% of which is earmarked for transitioning towards a low-carbon economy.

Wells Fargo discloses the proportion of its total direct operations workforce for each employee category by gender as well as by race/ethnicity. With regard to human rights, the bank publicly discloses the results of its Human Rights Impact Assessment (HRIA), which are aggregated across its operations and locations, as well as provides a case study describing how it has acted on a salient human rights risk issue. Furthermore, Wells Fargo discloses a public commitment to protect personal data and its approach to lobbying and political engagement.

No evidence was found that Wells Fargo commits to gender equality and women’s empowerment. Women are underrepresented on its board of directors where only three out of 11 members are women. The bank has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. Moreover, Wells Fargo can improve its performance by describing its engagement process with clients and investees.

Wells Fargo could disclose interim emissions reduction targets at the group level, such as a 45% reduction in financed emissions by 2030. The bank also has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically regarding alignment with the Paris Agreement. While Wells Fargo discloses its lending exposure to oil, gas, and pipelines, it could disclose its exposure and approach to fossil fuels across all financing activities. Moreover, while the bank intends to align its sustainability bond framework with the Green Bond Principles, it is unclear whether it has done so. Regarding nature and biodiversity, no evidence was found that Wells Fargo is committed to minimising its negative impacts or financing regenerative solutions.

Wells Fargo could make a publicly available policy statement committing it to respect human rights. The bank also has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. Moreover, Wells Fargo could disclose the proportion of its workforce by age group for each employee category. To provide transparency on financial inclusivity, the bank has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.