JPMorgan Says 33% Vote for Study on Splitting CEO-Chairman Rolesby
JPMorgan Chase & Co. investors followed management’s recommendations on shareholder proposals, rejecting attempts to consider an independent chairman and a breakup of the biggest U.S. bank by assets.
Based on a preliminary count, 33 percent of shareholders voted in favor of a proposal to split the roles of chairman and chief executive officer, the company said Tuesday at its annual meeting in New Orleans. A proposal to study whether the New York-based company should sell off its non-banking assets was rejected, with just 2.9 percent supporting the measure.
Proxy advisers Glass Lewis & Co. and Institutional Shareholder Services had recommended investors vote to separate the bank’s two most powerful roles. Similar proposals were defeated last year and in 2013. The idea was also put forth in 2014 and withdrawn before a vote. The issue resulted in a special vote last year at Bank of America Corp. after CEO Brian Moynihan added the chairman role without shareholder input. He ultimately prevailed.
JPMorgan said last month in a filing that directors reviewed the company’s leadership structure earlier this year and concluded that Jamie Dimon’s combined CEO-chairman role, along with a lead independent director, provided the best oversight.
All of the company’s directors were elected, JPMorgan said.