The American Baptist Home Mission Societies (ABHMS), as lead filer, with support from the Investor Advocates for Social Justice (IASJ) and co-filers, has filed a shareholder proposal requesting that Wells Fargo & Company’s Board of Directors create a dedicated committee of independent directors focused on Indigenous Peoples’ Rights. The proposed committee would oversee the bank’s full range of financing activities (corporate and project-specific) to identify and manage actual or potential adverse impacts on Indigenous communities.

Wells Fargo has a documented history of financing projects linked to Indigenous Peoples’ rights violations. In particular, the bank provided over $3.86 billion in financing to Enbridge, which has projects associated with significant Indigenous Peoples’ rights violations. The Rio Bravo Pipeline crosses the ancestral lands of the Carrizo‑Comecrudo Tribe of Texas without documented Free, Prior, and Informed Consent (FPIC), threatening sacred sites, wetlands, and communities already burdened by environmental hazards. Enbridge’s Line 3’s reroute violated multiple rights, including FPIC, self-determination, health, culture, and religion, prompting sustained opposition from affected communities. Enbridge’s Line 5 has been called “an act of cultural genocide” by Indigenous leaders, and in 2023, a federal court found it operated illegally on Bad River Band territory, ordering over $5 million in damages and a cessation of operations by 2026. These projects demonstrate how Wells Fargo’s financing has supported operations with profound social, legal, and reputational risks, which also create material risks for investors.

In 2024 alone, Wells Fargo provided $39.3 billion in fossil-fuel financing. As the fifth-largest global fossil-fuel financier, with over one-fifth of its fossil-fuel and extractive projects on or near Indigenous lands, the company faces significant material risks. Combined with the rollback of climate commitments and the lack of dedicated governance over Indigenous Peoples’ rights, these practices heighten exposure to legal, reputational, operational, and financial risks, issues that directly affect shareholder value.

This proposal addresses that gap in oversight. Establishing a board-level committee would strengthen accountability, ensure that Wells Fargo’s financing respects Indigenous Peoples’ rights, and reduce investor risk. Previous filings have raised concerns around Indigenous Peoples’ rights for years; this proposal provides a concrete, governance-focused step toward ensuring the company aligns its financing practices with internationally recognized standards and protects both Indigenous communities and investors.