What Should We Look For in Wells Fargo’s Ongoing Response to the Fake Accounts Scandal?
Earlier this month I was quoted in a Corporate Secretary article, “How Can Wells Fargo’s Board Move Forward” (available here). This blog post expands on that advice, and identifies some actions to be on the lookout for—which tends to support good, bad, or indifferent changes in Wells Fargo. Overall, the leadership’s response to the scandal has been woefully inadequate. The leadership has demonstrated both a lead from the rear, which equates to a hands-off approach, and a reactive (as opposed to proactive) strategy. Rather than leading the company through this, the Board’s actions are generally responses to others, such as Congressional inquiries and pressures. This is the kind of check-the-box mentality that allows massive frauds to occur, and unfortunately, it is the same mentality and approach they are taking with…