JPMorgan Directors Feel Heat in a Vote

from NYTs

As JPMorgan Chase’s annual meeting nears, much of the tension surrounds a critical vote to split the chairman and chief executive roles — a decision that could strip Jamie Dimon, the bank’s influential leader, of the dual titles he has held since 2006. Behind the scenes, though, another battle is brewing.

Some JPMorgan shareholders are taking public aim at individual directors who hold crucial positions on the bank’s audit and risk committees as the bank grapples with an onslaught of regulatory challenges.

On Friday, the CtW Investment Group, which represents union pension funds and owns six million shares in JPMorgan, said it planned to vote against the three directors on the risk policy committee and the head of the audit committee. While it is not known how other shareholders are voting on directors, big stakeholders like BlackRockT. Rowe Price and TIAA-CREF have increasingly taken aim at boards, voting against directors they think are performing poorly.

More here.

One Response to JPMorgan Directors Feel Heat in a Vote

  1. Anthony Barley February 20, 2015 at 8:48 pm #

    What struck my interest in this article was the distribution of power. There needs to be some sort of regulation set on these banks that are allowed to profit of schemes. Banks manipulating states is an abuse of power and they should be held responsible for these actions.

    If Damon’s position is not demoted this will only allow for more unethical business practices to continue in financial institutes.There should be a separation of operations to allow for fairness in a company. Leaving one person solely accountable for a job with a high title leaves room for manipulation and self-interest.

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