By Michael Dabaie

 

Wells Fargo & Co. said effective immediately it will no longer require arbitration for employees in connection with any future sexual harassment claims.

The financial services company said it made the decision following internal dialogue and feedback from various stakeholders, including the proponents of a shareholder proposal.

Wells Fargo said Clean Yield Asset Management submitted a shareholder proposal late last year that focused on mandatory arbitration of workplace sexual harassment claims. Clean Yield has since withdrawn the proposal, Wells Fargo said.

"Wells Fargo has zero tolerance for sexual harassment," David Galloreese, head of human resources at Wells Fargo, wrote on the company's website. "We believe that this is the appropriate change to make at this time for our employees."

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

February 12, 2020 13:23 ET (18:23 GMT)

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