Here’s How Wells Fargo’s Board Of Directors Just Failed Customers [Fortune]
COLONY NORTHSTAR INC (CLNS)
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Source: Fortune
In an independent investigation report released this week into the Wells Fargo's fraudulent account scandal , the board was supposed to accomplish three goals: get at the “root causes” of the company’s sales scandal, identify solutions so it would never happen again, and restore trust in the bank. On all three measures, the board’s report has failed miserably because, with minor exceptions, the report ignores the board’s central role in contributing to the scandal while offering no substantive remedies for the board’s own failures. Negative reaction to the report has been swift. The LA Times called the report a “ whitewash" for the directors and the San Francisco Chronicle labelled it “ a perfunctory legal …cover for the directors , who already face lawsuits for breach of fiduciary duty.” The New York Times Editorial board condemned the report saying that the Wells Fargo board cast blame on ex-employees but had itself “ failed in its oversight duty for a long p
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