Pension fund pressures Wells Fargo for changes

CtW Investment Group, which speaks for a unionaffiliated consortium of retirement funds managing more than $200 billion, urged the lead director of Wells Fargo & Co. Friday to appoint new board members and claw back executive pay.

It joins U.S. lawmakers and other labor activists demanding senior-level accountability after the San Francisco-based bank opened accounts without customers’ authorization.

In a letter, CtW said Wells Fargo should name two directors to the 15-member board who have experience linking employee pay to corporate objectives. The group also demanded a third-party review of how sales incentives affect behavior.

Without such steps, CtW said it won’t support directors’ re-election at the next annual shareholder meeting. finances at risk and failing to notify them earlier about the breach.

“While investigating another potential data breach, Yahoo uncovered this data breach, dating back to 2014,” the lawsuit filed Thursday said. “Two years is unusually long period of time in which to identify a data breach.”

The plaintiffs had come to the firm of San Diego lawyer David Casey before news of the breach broke Thursday, believing their personal information had been stolen, Casey said Friday. “They were trying to figure out how people were accessing their information,” Casey said. “When this (breach) became public, they put 2 and 2 together.”