Wells Fargo’s (WFC) said its board’s independent members agreed to keep President and CEO Charles W. Scharf’s 2022 annual compensation at $24.5M, after he asked that the board’s human resources committee to not consider an increase.

The design of the compensation also remained unchanged with 65% of Scharf’s total variable compensation determined based on the overall performance of the company and 35% determined by his individual performance against pre-determined goals set by the board’s human resources committee. In February 2022, after a review of peer CEO pay levels, the board established Scharf’s target total compensation of $27M.

“Mr. Scharf acknowledged the strong performance of the company and significant progress in its transformation journey but noted the remaining work left to be completed and therefore, did not believe an increase in compensation level was appropriate this year,” the board said in an SEC filing.

Scharf’s compensation consists of a base salary of $2.5M and total variable compensation of $22M. The variable compensation is comprised of a $5.4M cash incentive, long-term performance share award of $10.8M, and long-term restricted share rights award of $5.8M.

Wells Fargo’s (WFC) Q4 GAAP EPS of $0.67 included $0.70 of operating losses related to previously disclosed matters including litigation, regulatory, and customer remediation matters.

In September, the Wells Fargo (WFC) CEO told a House committee that the company has made progress in improving its risk controls but has “much more work to do.”