Wells Fargo has revealed the site of its annual shareholders meeting: It will be at the Sawgrass Marriott in Ponte Vedra Beach, Fla., near Jacksonville, at 10 a.m. on April 25.
This would not be breaking news for most major corporations, where the announcement of details for the annual meeting is routine. Wells, however, has often played cat-and-mouse on the location of the meeting since 2012, when loud and raucous demonstrations against the bank disrupted the gathering in San Francisco. The bank’s meeting hasn’t been in its hometown since, instead taking place in places like Salt Lake City and San Antonio, Tex. The location has been usually announced in its proxy statement roughly a month in advance.
This year the annual meeting details come a bit earlier, amid a 15-page report filed Wednesday detailing steps Wells Fargo (NYSE: WFC) has taken to restore trust and fix its reputation in the wake of a sales scandal. In September, it was publicly disclosed that bank employees had opened up to 2 million accounts over several years without customer permission in a bid to meet stringent sales targets. The bank was fined $185 million by regulators and its culture came under intense scrutiny that culminated in the resignation of CEO John Stumpf.
The bank included a timeline of major events in the past six months including Stumpf’s departure in October, a new compensation plan in January and eliminating bonuses for top executives earlier Wednesday. The bank also eliminated product sales goals for retail bankers and established additional monitoring and controls to provide oversight of sales processes.
All that makes the first annual meeting since the scandal broke a high-profile event for both shareholders and critics alike. At least they’ll have a few more weeks to make travel arrangements.