16 Board composition The Board’s current composition is a result of a thoughtful process informed by the Board’s own evaluation of its composition and effectiveness, and feedback received from our engagement with shareholders and other stakeholders . The Board and its Governance and Nominating Committee (GNC) expect that the Board as a whole has an appropriate balance of skills, knowledge, experience, and perspectives relevant to our business and strategy . In addition to minimum qualifications required for Board service under the Board’s Corporate Governance Guidelines, the Board identifies additional qualifications and experience through its annual self-evaluation process as desirable in light of Wells Fargo’s business, strategy, risk profile, and risk appetite . Each year, the Board conducts a comprehensive self-evaluation to assess its effectiveness, review our governance practices, and identify areas for enhancement . This annual assessment is also a key part of the Board’s director nomination process and succession planning . The GNC reviews and determines the overall approach, scope, and content of the Board’s annual self- evaluation process, including whether to engage a third party to help the Board conduct its self-evaluation . Each of the Board’s standing committees also conducts a self-evaluation process annually . The Board’s, and each committee’s, self-evaluation includes a review of the Corporate Governance Guidelines and its committee charter, respectively, to consider any proposed changes . Director independence The Board’s Corporate Governance Guidelines provide that a significant majority of the directors on our Board, and all members of the Audit Committee, Governance and Nominating Committee, Human Resources Committee, and Risk Committee, must be independent under applicable independence standards . Each year our Board evaluates and determines the independence of each director and each nominee for election as a director . Independent Board Chair Wells Fargo has had an independent Board Chair separate from the CEO role since 2016 . In 2016, taking into account feedback from our investors, the Board also amended Wells Fargo’s By-Laws (PDF) to require that the Board Chair be independent . The Board has adopted, and annually reviews and approves, well-defined authority and responsibilities of the independent Chair . ONLINE RESOURCES Annual Reports and Proxy Statements Board committee members and charters By-laws of Wells Fargo & Company (PDF) Code of Ethics and Business Conduct (PDF) Corporate Governance Guidelines (PDF) Leadership and governance