He believes it is appropriate for the human resources committee and the board to first consider that issue independently.
Ms. Bair said one reason for this lapse may have been a communication breakdown between the risk committee of the Wells Fargo board and its human resources committee.
Claiming that he was not an expert in compensation, he said the Wells Fargo board and its human resources committee would make that decision independently.
In West Virginia, Republican senator Ryan Ferns is chairman of the health and human resources committee that passed an amended version of the proposed ban on Thursday.
In that role, he made recommendations on pay to the human resources committee charged with setting compensation for his top lieutenants.
Until 19 July this year, the Board of the St James Ethics Centre Foundation, the Centre's fundraising wing, also included Douglas Sneddon, director of the board of Transfield Services and chair of the Transfield Services human resources committee.
Another policy requires that the independent compensation consultant employed by the board will provide services only to the human resources committee and not to other units of the company.
It noted that the human resources committee meets each year with the company's chief risk officer "to review and assess any risks posed by our enterprise incentive compensation programs," the company said.
In addition, two members of UAL's human resources committee, which recommended the Towers Perrin plan to the board, are affiliated with the Delphi Corporation, the auto parts maker that is in bankruptcy.
As for executive pay practices, the report said, a compensation and human resources committee will review the "philosophy and rationale" for senior compensation and propose a structure to the board by the end of the year.
