Wells Fargo

InfluenceMap Score
C-
Performance Band
66%
Organisation Score
45%
Relationship Score
Sector:
Financials
Head​quarters:
San Francisco, United States
Official Web Site:
Wikipedia:

Wells Fargo appears to have had limited engagement on sustainable finance policy, but, where it has engaged, Wells Fargo has appeared to support the need for regulated corporate ESG disclosure but has taken more mixed positions on regulation on the financial sector.

Wells Fargo has stated its support for the Paris Agreement and recognized the need for collective action to address climate change and transition to a net zero economy. In October 2021, Wells Fargo joined the Net Zero Banking Alliance, signaling a commitment to the goal of reaching net zero emissions by mid-century. However, a letter submitted to the Municipal Advisory Council of Texas in January 2022 shows evidence of Wells Fargo’s continued support for investing in fossil fuels. While Wells Fargo has acknowledged the risks climate change poses to the banking system and mentioned engagement with governments and policymakers on sustainable finance policies, its positions on and details of engagement with these policies are unclear.

Wells Fargo has stated topline support for the need for regulated corporate ESG reporting. In a 2020 PRI case study, Wells Fargo Asset Management called for improved corporate ESG disclosure along the lines of the EU’s Non-Financial Reporting Directive (NFRD). However, in a comment letter to the SEC in June 2022, Wells Fargo outlined significant objections to the Commission's proposed climate disclosure rule, characterizing disclosure requirements as "overly prescriptive" and encouraging increased flexibility in emissions disclosures.

In the 2020 PRI case study, Wells Fargo Asset Management stated its support for the EU taxonomy, and in a 2021 sustainable investing blog, Wells Fargo stated support for improved disclosure to facilitate better investment decision-making.

In a 2021 paper detailing climate change’s impact on banks, Wells Fargo Asset Management cautioned against climate-based prudential regulation, warning about market imbalances that could arise as a result of redirecting capital to protect against climate risk.

Wells Fargo has described some of its positions on sustainable finance policies in broad terms, with no level of detail about engagement activities. Wells Fargo has listed its trade association membership with no further details of indirect influence governance and has omitted non-US associations including UK Finance and AFME.

QUERIES
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Strength of Relationship
STRONG
 
 
 
 
 
 
 
WEAK
 
41%
 
41%
 
58%
 
58%
 
55%
 
55%
 
11%
 
11%
 
39%
 
39%
 
48%
 
48%
 
37%
 
37%
 
42%
 
42%
 
56%
 
56%
 
52%
 
52%
 
48%
 
48%
 
43%
 
43%

How to Read our Relationship Score Map

In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.