Exclusive | Wells Fargo Cuts Proxy Adviser Ties in Latest Blow to Industry

Wells Fargo’s

WFC

increase; green up pointing triangle wealth- and investment-management division severed ties to Institutional Shareholder Services, a person familiar with the matter said, the latest blow to a proxy-advisory industry under siege.

The bank will make voting decisions on shareholder proposals without the help of proxy advisers like ISS and instead rely on a new internal system. Those votes will be determined by the bank’s custom policies and voting instructions, Wells Fargo told The Wall Street Journal.