JP Morgan Shareholders Approve Jamie Dimon's Pay Despite ISS Objections

By WSJ City

JP Morgan investors voted to approve Chief Executive James Dimon's pay at the bank's annual meeting over the objections of shareholder-advisory firm Institutional Shareholder Services.

KEY FACTS

   -- Investors holding nearly 72% of the shares voted in favour of the 
      nonbinding approval. 
 
   -- That's just above the 70% threshold that is viewed as a minimum by 
      corporate-governance experts. 
 
   -- Dimon earned a total of $31m in 2018, up from $29.5m the year earlier. 
 
   -- ISS didn't object to the amount the bank pays Dimon and other 
      executives... 
 
   -- ...but it did criticise the bank for a lack of clarity on how it 
      determines the compensation.

Analysis

Though its effort was unsuccessful, ISS appeared to swing some 20% of JP Morgan shares to vote against the pay, a person familiar with the tally said. Last year, 93% of shares were voted in favor of the bank's executive pay.

JP Morgan said Dimon's pay is based on the bank's financial results as well as less tangible factors, such as risk control, management development and culture. His salary and cash bonus have stayed steady since 2017, though the value of his performance-based stock units have risen.

A fuller story is available on WSJ.com

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(END) Dow Jones Newswires

May 22, 2019 05:14 ET (09:14 GMT)

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