General Treasurer Seth Magaziner says he is voting against all sitting Wells Fargo independent directors, Tuesday, joining shareholders across the country in a move to fire most of the bank’s board.
The vote is the latest fallout after Wells Fargo was accused of participating in fraudulent activity between 2011 and 2016. The Consumer Financial Protection Bureau found that the bank opened roughly 1.5 million unsolicited bank accounts and credit cards with customer information.
The state’s pension fund owns close to 140,000 shares of Wells Fargo stock, and Magaziner has been critical of the years of fraud that went unnoticed by board members.
The state has also joined a coalition of investors in a request to have the bank provide a report on ways it plans to improve its risk management.
