J.P. Morgan Chase & Co. shareholders voted in favor of the
company's compensation plans at the bank's annual shareholder
meeting in Detroit.
The preliminary vote garnered 61.4% of shareholders, compared
with 77.9% last year. Shareholders also endorsed James Dimon's twin
role as chairman and chief executive with 35.9% of the initial vote
for splitting the roles, compared with 32.3% in 2013, when it was
last voted on.
Proxy-advisory firms Institutional Shareholder Services Inc. and
Glass Lewis & Co. recommended J.P. Morgan shareholders vote
against the company on matters including Mr. Dimon's pay package,
according to their 2015 reports on the bank. Instead, ISS and Glass
Lewis, whose recommendations are relied upon or taken into account
by some large fund shareholders, said the bank didn't outline the
performance criteria for its pay packages clearly enough, among
other issues.
J.P. Morgan Lead Director Lee Raymond said some J.P. Morgan
shareholders have questioned the bank's incentive compensation
structure and the board is taking it into account.
Mr. Dimon received $20 million in compensation for 2014,
including a base salary of $1.5 million and an $18.5 million bonus,
with $11.1 million in restricted stock and $7.4 million in cash,
his first cash bonus since 2011, according to the proxy statement.
That is flat compared with his pay for 2013 and up from $11.5
million for 2012—a figure depressed in large part due to
the "London whale" trading loss early that year, according to the
proxy statement.
The proxy-advisory firms also recommended voting for an
independent chairman of J.P. Morgan—something they both
last suggested in 2013.
All directors received at least 95% of the vote, the company
said Tuesday, compared with 96% last year. In 2013, three directors
received less than 60% of the vote, two of whom later resigned.
Shareholders also approved PricewaterhouseCoopers LLP as the
bank's auditor.
None of the six shareholder proposals gained enough traction for
approval. A proposal asking for more disclosure of the bank's
clawback policy garnered the most votes in favor, with 43.8%,
according to the bank's initial counts.
Write to Emily Glazer at emily.glazer@wsj.com
Access Investor Kit for JPMorgan Chase & Co.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US46625H1005
Subscribe to WSJ: http://online.wsj.com?mod=djnwires