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About 57% of votes cast in favor of Wells Fargo’s 2020 pay plan By Reuters

© Reuters. FILE PHOTO: A Wells Fargo logo is seen in New York City

(Reuters) – Roughly 57% of investor votes cast on Tuesday backed Wells Fargo (NYSE:) & Co’s executive pay plan for 2020, marking a narrow win for a proposal most shareholders usually rubberstamp.

Chief Executive Officer Charles Scharf’s annual pay fell about $3 million, or 12%, in 2020, a regulatory filing showed in January. The board cited the drop in the bank’s financial results for 2020, impacted by the COVID-19 pandemic, as one of the reasons for the lower compensation.

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