Rhode Island General Treasurer Seth Magaziner met on Feb. 6 with Wells Fargo chief executive Timothy Sloan seeking information from the scandal-ridden bank in the aftermath of fraud revelations.
Magaziner said questions remained unanswered about the length of the fraud, what systems and controls were in place, and how long it took management identify and begin to correct problems.
"The meeting was positive," said Magaziner spokesman Evan England. "It's clear they have a commitment to addressing the matter."
Rhode Island is among a group of shareholders who have filed a proposal with Wells Fargo seeking details on the root causes of the fraudulent activity, which included thousands of bank employees opening accounts for customers without their permission, charging additional fees and generating performance incentives for staff.
They also want to know what steps the bank has taken to improve risk management and control processes.
"We greatly value input from all our shareholders and we welcomed our productive discussions with the treasurer," said Wells Fargo press officer Ancel Martinez. "We are committed to regular engagement with our investors in order to understand and discuss points of view on governance and related matters.
"Wells Fargo is dedicated to restoring trust with customers and all of our key stakeholders. We have already taken important steps and will continue to take strong actions to make things right with customers and build a better Wells Fargo. "
Shareholder activists Sisters of St. Francis of Philadelphia and members of the Interfaith Center on Corporate Responsibility organized the Feb. 6 meeting, which included several top Wells Fargo representatives.
In September 2016, Wells Fargo paid a $185 million settlement to the Consumer Financial Protection Bureau. John Stumpf, the CEO at the time, resigned.
Several state and municipal issuers have sanctioned Wells Fargo after the revelations.
