Wells Fargo shareholders on Tuesday voted against a proposal that would effectively bar Chairman and Chief Executive Officer John Stumpf from being on the board of directors.

The stockholders voted against a proposal to amend the company’s by-laws to require the Chairman of the Board to be an independent director, Wells Fargo said in a statement.

It was the fifth straight year that the proposal has lost, receiving only 40 percent of the vote, according to the Associated Press.

In a separate vote, shareholders voted against requiring the company to issue semi-annual reports disclosing political contributions and expenses.

In an executive compensation related vote, shareholders approved increasing shares available for awards under the firm’s Long-Term Incentive Compensation Plan.

Shareholders also elected 19 nominees to the board of directors and approved KPMG LLP as the company’s independent auditors for 2009.

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