Other funds that voted critically at Wells Fargo included American Funds like Income Fund of America, which did not support nine of 15 directors, filings show.

American Funds representatives did not respond to a request for comment.

Wells Fargo said this month that former Federal Reserve governor Elizabeth Duke will replace Sanger on Jan. 1, and two other directors will also retire.

Hernandez and Pena remain on the board but Hernandez will no longer chair its risk committee and Pena and Sanger are leaving the committee.

In its annual voting report, Vanguard wrote of its votes at the financial company: ."..we concluded that certain directors had fallen short of their responsibility to understand the risks and culture of the company and to challenge management when necessary."

Vanguard's report stated that while it supported the changes made by the company's board since the vote, "we will continue to engage to ensure ongoing progress."

According to Thomson Reuters data, Vanguard holds a 6 percent stake in Wells Fargo second only to the 9 percent stake held by Warren Buffett's Berkshire Hathaway Inc which has supported the bank.

This article was provided by Reuters.

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