NEW YORK, April 30 (Reuters) - Wells Fargo ( WFC )

shareholders on Tuesday approved its plans for executive

compensation with a majority vote, including hiking CEO Charlie

Scharf's 2023 package to $29 million.

His compensation for 2022 was $24.5 million.

Scharf told investors at the bank's annual meeting that

it is investing in risk and control infrastructure, which became

top priorities after a 2016 scandal in which employees had

opened millions of fraudulent accounts, often to meet sales

goals.

Regulators mandated additional oversight and imposed a

$1.95 trillion asset cap that prevents the San Francisco-based

bank from growing until it has fixed the problems.

"Our control environment has become increasingly stronger to

numerous internal metrics and shows that the work is clearly

improving in our control environment but we will not be

satisfied until all of our work is complete," Scharf said.

While analysts and investors have speculated that the asset

cap will be lifted, executives have repeatedly said the decision

is up to regulators.

The lender still has eight open consent orders after the

U.S. Office of the Comptroller of the Currency (OCC) in February

terminated a 2016 punishment for the bank's sale practices.

The bank's profit fell 7% in the first quarter. Rivals

including Bank of America ( BAC ) and Citigroup ( C/PN ) also

posted lower earnings.

Scharf noted that the U.S. economy remains strong.

Consumer delinquencies have been rising among lower-income

consumers, but are relatively contained, he added.

"Certain cohorts of consumers appear more stressed and that

is something that we are watching closely," Scharf said.

Citigroup ( C/PN ) CEO Jane Fraser also said on Tuesday that U.S.

consumers are becoming more cautious with their spending, making

smaller purchases.