According to the WSJ James Dimon has won the battle of the board. Now he must win
the peace with investors.
Shareholders at J.P. Morgan's annual meeting Tuesday voted
down a nonbinding proposal to split the roles of chairman and chief executive.
The debate around this had in recent weeks become something of a referendum on
Mr. Dimon's performance, even though the proposal's backers said at the meeting
that this wasn't the intent..
But another vote showed J.P. Morgan still needs to work on
its relationship with its shareholders. They
approved the re-election of directors, including three members of the risk
policy committee who had been opposed by proxy-advisory firms Institutional
Shareholder Services and Glass Lewis. But those three received less than 60% of
votes in favor, with one, Ellen Futter, garnering only 53.1%. Last year, no
director received less than 86% of votes….
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