Investors increasing their scrutiny of corporate governance systems

May 22 2013, IW Financial

Jamie Dimon, the prolific chairman and CEO of JPMorgan Chase, recently received approval from shareholders to retain both of the top offices at the bank, which is the nation’s largest with $2.3 trillion in assets.

Although the proposal to split the top roles received only 32 percent of the vote at the company’s annual shareholder meeting—down from 40 percent last year—the outcome of the event is still being seen as somewhat of a rebuke for the bank’s management. Three members of the board of directors were re-elected by slim margins, garnering the support of less than 60 percent of shareholders.

Glass Lewis, an influential shareholder advisory firm, had recommended that JPMorgan shareholders vote against the three directors, who were on the bank’s risk policy committee when it lost billions of dollars in a trading scheme that went bust. Speaking after the vote, Dimon said the bank’s leadership team was taking shareholder dissatisfaction “very seriously.” Continue reading…

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