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Jamie Dimon sees off JP Morgan shareholder revolt Jamie Dimon sees off JP Morgan shareholder revolt
(4 months later)
Jamie Dimon, the US's most powerful banker, saw off a shareholder revolt Tuesday aimed at splitting his roles as chairman and chief executive of JP Morgan.Jamie Dimon, the US's most powerful banker, saw off a shareholder revolt Tuesday aimed at splitting his roles as chairman and chief executive of JP Morgan.
Only 32% of shareholders voted to take his chairmanship away, in what was the first such vote since the full extent of JP Morgan's "London whale" trading losses were disclosed. That is down from a vote of roughly 40% in support of a similar proposal last year.Only 32% of shareholders voted to take his chairmanship away, in what was the first such vote since the full extent of JP Morgan's "London whale" trading losses were disclosed. That is down from a vote of roughly 40% in support of a similar proposal last year.
But the dissident shareholders managed to attract stronger votes against directors on JP Morgan's risk committee. Ellen Futter, the only director not to attend the meeting in Tampa, Florida, received only 53% approval from shareholders. James Crown received about 57% and David Cote got 59%.But the dissident shareholders managed to attract stronger votes against directors on JP Morgan's risk committee. Ellen Futter, the only director not to attend the meeting in Tampa, Florida, received only 53% approval from shareholders. James Crown received about 57% and David Cote got 59%.
The Institutional Shareholder Services had advised shareholders to vote against those directors and for Dimon to be stripped of his chairmanship. It was backed by rival adviser Glass Lewis and several large pension funds.The Institutional Shareholder Services had advised shareholders to vote against those directors and for Dimon to be stripped of his chairmanship. It was backed by rival adviser Glass Lewis and several large pension funds.
Dimon has come in for heavy criticism following last year's $6bn trading loses, a series of critical reports and run-ins with regulators. The bank's financial performance has, however, been good, and the majority of shareholders gave the bank boss their backing.Dimon has come in for heavy criticism following last year's $6bn trading loses, a series of critical reports and run-ins with regulators. The bank's financial performance has, however, been good, and the majority of shareholders gave the bank boss their backing.
The move to split Dimon's role was proposed by the AFSCME Employees Pension Plan, the Connecticut Retirement Plans and Trust Funds, the UK's Hermes Equity Ownership Services and the New York City Pension Funds.The move to split Dimon's role was proposed by the AFSCME Employees Pension Plan, the Connecticut Retirement Plans and Trust Funds, the UK's Hermes Equity Ownership Services and the New York City Pension Funds.
Leon Kamhi, the executive director of Hermes, said: "A significant proportion of investors still voted for the proposal." He said the vote had never been a "referendum on Jamie Dimon" but about an "improved board structure".Leon Kamhi, the executive director of Hermes, said: "A significant proportion of investors still voted for the proposal." He said the vote had never been a "referendum on Jamie Dimon" but about an "improved board structure".
Given the size of the vote against other directors, Kamhi said he would expect change at the bank. "Today's vote is an important step in our engagement with JP Morgan Chase, and an endorsement of our ongoing effort to reform its board. We look forward to continuing to work constructively with the board to implement appropriate improvements to its structure and composition," he said.Given the size of the vote against other directors, Kamhi said he would expect change at the bank. "Today's vote is an important step in our engagement with JP Morgan Chase, and an endorsement of our ongoing effort to reform its board. We look forward to continuing to work constructively with the board to implement appropriate improvements to its structure and composition," he said.
Before the vote was announced, Dimon told shareholders the bank was willing to "pay attention to what we've heard." He said the board will need "time to digest" the results.Before the vote was announced, Dimon told shareholders the bank was willing to "pay attention to what we've heard." He said the board will need "time to digest" the results.
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