AI English summary of an SEC filing — figures as filed
Wells Fargo WFCWells Fargo said the independent members of its Board of Directors approved total compensation of $29 million for CEO and President Charles W. Scharf for performance year 2023. The company said the design of its executive compensation program, including Mr. Scharf's compensation target, is unchanged from 2022.
Key points
AI summaryWells Fargo said the independent members of its Board of Directors approved total compensation of $29 million for CEO and President Charles W. Scharf for performance year 2023. The company said the design of its executive compensation program, including Mr. Scharf's compensation target, is unchanged from 2022.
The company said Mr. Scharf asked the Human Resources Committee (HRC) to exercise negative discretion, and that the HRC recommended total compensation of $29 million, lower than the $30.3 million that would otherwise have been delivered under the program, which the Board approved.
The company said Mr. Scharf's 2023 total compensation consists of a base salary of $2.5 million and total variable compensation of $26.5 million. The variable pay comprises $6.6 million in cash and $19.9 million in long-term equity, including Performance Share awards (PSA) at 65% and Restricted Share Rights (RSR) awards at 35%.
The company said the Board, in setting the pay, cited improved financial performance, a strengthened risk and control infrastructure, the role during the 2023 regional banking crisis, the introduction of two new credit cards, and the reduction in the size and complexity of the Home Lending business.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Board approves $29 million total pay for 2023 performance year
Wells Fargo said the independent members of its Board of Directors approved total compensation of $29 million for CEO and President Charles W. Scharf for performance year 2023. The company said the design of its executive compensation program, including Mr. Scharf's compensation target, is unchanged from 2022.
Source · Based on the filing body and exhibits
Pay adjusted from $30.3 million to $29 million through use of negative discretion
The company said Mr. Scharf asked the Human Resources Committee (HRC) to exercise negative discretion, and that the HRC recommended total compensation of $29 million, lower than the $30.3 million that would otherwise have been delivered under the program, which the Board approved.
Source · Based on the filing body and exhibits
Base salary of $2.5 million and variable pay of $26.5 million
The company said Mr. Scharf's 2023 total compensation consists of a base salary of $2.5 million and total variable compensation of $26.5 million. The variable pay comprises $6.6 million in cash and $19.9 million in long-term equity, including Performance Share awards (PSA) at 65% and Restricted Share Rights (RSR) awards at 35%.
Source · Based on the filing body and exhibits
Key factors the Board cited in setting pay
The company said the Board, in setting the pay, cited improved financial performance, a strengthened risk and control infrastructure, the role during the 2023 regional banking crisis, the introduction of two new credit cards, and the reduction in the size and complexity of the Home Lending business.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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