JP Morgan Shareholders Approve Jamie Dimon's Pay Despite ISS Objections
May 22 2019 - 5:29AM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
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