Wells Fargo 2011 Annual Report Download - page 11

9
the No.1 corporate campaign in the country.
Our team members also set a company record
by volunteering 1.5million hours for causes they
cared about in 2011, up from 1.3million hours
in2010. How do we get such outstanding results?
We follow a formula that’s worked for 160years:
local people making local decisions because they
know their communities best.
We’re proud to support many environmental
initiatives. In 2011, WellsFargo received the
2011 Leadership Award from the U.S. Green
Building Council for our commitment to
environmentally responsible building design,
construction, and operation. We also achieved
a milestone for our customers: All our deposit-
taking ATMs are now entirely envelope-free,
adding convenience for our customers while
saving paper and transportation costs. Our
team members are also actively involved. We
have 65“green” teams, up 30percent in a year.
These volunteer networks help WellsFargo
conserve resources, reduce waste, and promote
environmental awareness in the workplace and
in the community.
We’re doing important work to help revitalize
neighborhoods hit hard by the economy. In
2011, WellsFargo donated $18.8million in real
estate-owned (REO) properties and $23.2million
to organizations that build and rehabilitate
aordable housing. The WellsFargo Housing
Foundation mobilized more than 9,800volunteers
who gave more than 70,000 hours to build
or refurbish more than 550 homes in low- to
moderate-income communities.
Our company also supports our
communities and the economy by paying taxes.
The past 10years, WellsFargo — combined
with Wachovia — paid more than $33billion
in federal and state corporate income taxes,
including nearly $4billion during 2011. The
company’s share of employment-related taxes,
property taxes, and other taxes totaled more
than an additional $2billion in 2011. As with
every corporate and individual taxpayer, the
amount the company pays each year varies
based on its taxable income. The past three
years, WellsFargo’s taxable income has been
significantly aected by the economic downturn
and the merger with Wachovia. WellsFargo
is proud to be a responsible corporate citizen
and honors its obligations at the federal, state,
and local levels, providing support for the
communities where we serve our customers.
New Board members
This year we welcomed two new directors to
our Board: Elaine L. Chao and Federico F. Peña.
Ms.Chao, the former U. S. Secretary of Labor
and the first Asian Pacific American woman
to be appointed to a presidential cabinet, was
elected eective July1, 2011. She serves on the
Board’s Finance and Corporate Responsibility
committees. Mr.Peña, a senior advisor of
Vestar Capital Partners, and former U.S.
Secretary of Transportation and U.S. Secretary
of Energy, was elected eective November1,
2011. He serves on the Board’s Audit and
Examination Committee, and his election
increased the Board to 16 directors. Both Elaine
and Federico bring years of experience from
their distinguished careers, and we welcome
them as we focus on meeting the needs of our
customers, communities, andstakeholders.
Unmatched opportunities. Unmatched vision.
With the scale and scope of our combined
company, our ability to serve our customers,
communities, and country is greater than ever.
Our opportunities for service, growth, profitability,
and shareholder return are significant. Our
ability to seize those opportunities will depend,
as always, on the degree to which we are
faithful to our Vision & Values. Our financial
strength enables us to continue to innovate,
invest in growth, and help our customers
succeed financially. Our future is bright. We’re
optimistic. We’re eager. We can’t wait to hop on
the stagecoach and get to work every morning
to serve our customers.
We thank all our stakeholders — including
team members, customers, communities,
and shareholders — for their confidence in
WellsFargo. All have high expectations for us
to listen, lead, serve, and innovate.
What a privilege we have to rise to
thatchallenge.
John G. Stumpf
Chairman, President and
Chief Executive Ocer
$33 billion
During the past 10years,
WellsFargo (combined with
Wachovia) has paid more than
$33billion in federal and state
corporate income taxes,
including nearly $4billion
during2011.
$213.5 million
WellsFargo contributed $213.5million
to 25,000 nonprofit organizations
in 2011.
1.5 million
WellsFargo team members
volunteered 1.5million hours
in 2011.