Wells Fargo & Co. (NYSE: WFC) announced Tuesday that its shareholders will cast a non-binding vote on compensation for Wells Fargo's top five executives, according to Associated Press.
The vote will come at the bank's annual meeting in April.
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Wells Fargo shareholders had a similar vote last year and approved the executive compensation plan as presented by the bank.
Wells Fargo Chairman and CEO John Stumpf received $9 million in total compensation for 2008, 21 percent less than the previous year, according to AP’s analysis. Wells Fargo said it will file its proxy with 2009 compensation data in March.
In December, the bank said that its four top executives would not receive cash bonuses for 2009, but would receive performance-based stock awards worth a combined $25 million.
Wells Fargo's shares slipped 72 cents, or 2.6 percent, to close Tuesday at $27.29.
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