Overview
- Wells Fargo Wealth & Investment Management launched an internal proxy voting service for accounts where it holds both investment discretion and voting authority, effective for the 2026 proxy season.
- The firm will apply its own voting policy and instructions, describing the change as a step toward greater independence and simplified execution.
- WIM expanded its use of Broadridge Financial Solutions to administer and process ballots as part of the new workflow.
- The Wall Street Journal reported that WIM severed ties with proxy adviser ISS, a claim Reuters said it had not independently verified.
- The move follows JPMorgan’s decision to stop using U.S. proxy advisers and comes as federal scrutiny of the proxy advisory industry increases after a December executive order and recent SEC guidance.