Pay Czar Off Base With Wells Fargo Criticism

Last year, in their first "say on pay" advisory vote -- which occurred directly after the market's lows -- Wells Fargo shareholders approved the board's decisions, and are perhaps the only constituency that deserves to give such approval, now that the bank doesn't owe taxpayers any money and repaid its borrowings, with interest and dividends.

"Our stockholders have always been able to communicate with the board on matters of interest to them," said Steve Sanger, chair of the board's human resources committee and retired chairman and CEO of General Mills. "This year's advisory vote gives them an additional opportunity for participation in the company's compensation process."

-- Written by Lauren Tara LaCapra in New York.

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