Wells Fargo continues to re昀椀ne its culture, instilling e昀케ciency and e昀昀ectiveness throughout, leveraging employee feedback to enhance the employee experience and drive improvements. Throughout the year, employees are invited to share their thoughts through surveys, town halls, and other means. Wells Fargo launched a new company-wide employee feedback platform called Loudspeaker at the end of 2021. Employees have submitted thousands of ideas, some of which have been implemented, leading to e昀케ciencies, innovation, and employee engagement. Competitive compensation Wells Fargo's compensation program is linked to performance management and is designed to promote prudent risk management and reinforce its culture and operating standards: onmental Envir The compensation principles include: Pay for performance: Compensation is linked to company, line of business, and individual performance, including meeting regulatory expectations and creating long- term value consistent with the interests of shareholders. Social Promote e昀昀ective risk management: Compensation promotes e昀昀ective risk management and discourages imprudent or excessive risk-taking. Attract and retain talent: People are one of Wells Fargo's competitive advantages; therefore, compensation helps attract, motivate, and retain people with the skills, talent, and experience to drive superior long-term company performance. ernance v The company is committed to providing fair, competitive, and equitable compensation. In November 2021, Go Wells Fargo announced an increase in its U.S. minimum hourly base pay in the majority of its markets. The minimum hourly pay range in the U.S. is $18 to $22, based on the cost of labor in each Wells Fargo market. Pay equity review Wells Fargo is committed to fair and equitable compensation practices, and we regularly review our compensation programs and practices for pay equity. Each year, the company engages a third-party consultant to conduct a thorough pay equity review of employee compensation, which considers gender, race, and ethnicity. The results of the 2021 review, after accounting for factors such as role, tenure, and geography, show that women at Wells Fargo continued to earn more than 99 cents for every $1 earned by their male peers. In addition, U.S. employees of color continue to earn more than 99 cents for every $1 earned by white peers. The results of Wells Fargo’s most recent pay equity analysis and relevant commentary are available in the company’s 2022 Proxy Statement. 35 Environmental, Social, and Governance Report 2022