Conclusion After the resignations of Stumpf and Tolstedt, Sloan took over as CEO. The offices of the Chairman and the CEO have been separated. Betsy Duke, the new Chair of the Board of Directors, took charge effective from January 2018. Some of the oldest serving directors have retired. It has been decided to amend the bylaws to ensure that the chairperson be an independent director. A mechanism of self-review of directors has been introduced, assisted by a third party. Three additional independent directors are expected to be appointed before 2018 AGM. Wells Fargo has also formed a stakeholder advisory council which will give periodic feedback from the perspective of various stakeholders. 1 These are important steps. Yet, the troubles for Wells Fargo are far from over. In February 2018, US Federal Reserve banned further growth of the bank till a robust corporate governance mechanism is in place (Gara, 2018). The fall had been extraordinarily steep for the bank which was featured as one of the 11 greatest companies in 2001. What lessons can organizations learn from it? Required: 1) Discuss the lessons learned from Wells Fargo pertaining to the corporate governance practices. (20 marks) 2) Discuss the possible limitations of corporate governance practices in Wells Fargo that falls from great to miserable. (20 marks) 3) In your opinion, analyse the effectiveness of corporate governance that could overcome cross-selling issues in Malaysia. (10 marks)