I have chosen Wells Fargo as the company to research with an adequate corporate governance code in place. Corporate governance is the system of rules, practices, and processes by which a company is directed and controlled. It encompasses how companies are governed and the objectives behind this governance. It clarifies who holds power and responsibility, as well as who is involved in decision-making. Wells Fargo has a few Codes of Corporate Governance that they stand by. Wells Fargo has a huge board of individuals that aids in the diversity initiative. Wells Fargo also talks about their strong commitment to ethical leadership with a strong focus on ethical conduct and integrity in all business dealings. Wells Fargo’s reputation as one of the world’s great companies …show more content…
The Code of Conduct serves as a guide for the behavior and decisions of our employees, including executive officers and directors. Leadership and Governance - Wells Fargo, n.d. Wells Fargo also speaks about their risk management and compliance practices. The board entrusts the Company's officers, managers, and employees to conduct business under the CEO's guidance. Their responsibilities include supporting the stability and independence of the Company's risk management (including compliance), legal, and internal audit functions, fostering a culture of ethics and compliance, and overseeing the processes implemented by senior management to uphold the Company's integrity and reputation. (Leadership and Governance - Wells Fargo, n.d.) In 2013, Wells Fargo dealt with a cross-selling scandal. In 2021, it was stated that employees in Southern California were engaging in aggressive tactics to meet their daily goals. Many employees were terminated for opening new accounts and issuing debit or credit cards without the customer's acknowledgment and forging