Thursday, May 23, 2013

An Uneasy Peace After Dimon's War

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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