By Ross Kerber

(Reuters] – Institutional Shareholder Services, a top proxy advisory firm, recommended that shareholders vote in opposition to the pay of Wells Fargo (NYSE:) & Co Chief Executive Charles Scharf and other leaders, citing concerns about the discretion used to award the pay and lack of disclosures.

A representative reported that ISS supported a request for a report about racial equity at the large California-based bank, but also supported nominees for directors and recommended voting “against” a shareholder proposal to severely curtail fossil fuel project lending.

Wells Fargo’s proxy statements show that CEO Scharf earned $21.4million in total compensation for 2021. That is up from $20.4million in 2020. In an advisory vote last year, 57% of investors backed 2020 compensation. This was part of the wave of criticism from the investor community on the subject.

Wells Fargo addressed shareholders and stated that it wanted more details about its compensation process and Scharf’s performance-related pay.

ISS stated that the changes made by the bank to set 2021’s pay were still concerning. According to their report, ISS claimed the financial achievements the bank noted for this year “are not consistent with the previous year without any specific justification.”

ISS also stated that executives have relatively high base salaries, including Scharf’s $2.5 million salary.

Representatives from Wells Fargo did not respond immediately.