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Share Name | Share Symbol | Market | Type |
---|---|---|---|
JP Morgan Chase and Co | NYSE:JPM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.86 | -0.45% | 190.80 | 192.529 | 188.46 | 192.00 | 8,922,779 | 01:00:00 |
By Emily Glazer
Proxy-advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. recommended J.P. Morgan Chase & Co. shareholders vote against the company on matters including bank chief James Dimon's pay package, according to its 2015 report on the bank.
In reports published within the past week, ISS and Glass Lewis disagreed with the bank board's recommendations on senior-executive pay. ISS endorsed the board's approach the past two years. The advisory firms also recommended voting for an independent chairman of J.P. Morgan--something they both last suggested in 2013.
ISS and Glass Lewis recommended a vote for all the 11 directors of the largest U.S. bank by assets. But they said they are recommending a vote against the pay package of Mr. Dimon and other top executives.
The ISS rationale wasn't because the pay was too high-- Mr. Dimon's compensation for 2014 of $20 million was flat from the prior year. Instead, ISS and Glass Lewis each said the bank didn't outline the performance criteria for its pay packages clearly enough.
ISS, whose recommendations are relied upon or taken into account by some large fund shareholders, said J.P. Morgan "significantly weakened" the performance basis of Mr. Dimon's pay be reintroducing a cash bonus "without compelling rationale."
ISS added that company performance is mixed, performing better than peers by some metrics but lagging the S&P 500 in stock-price performance recently.
Glass Lewis added that the bank's executives are paid more than the median compensation for a group of peer companies.
ISS again recommended that J.P. Morgan be required to have an independent board chairman. "For a company of this size and complexity and in consideration of past concerns with risk oversight and legal concerns, and current concerns with CEO pay, shareholders would benefit from the greater oversight that could be realized by an independent board chairman," according to the report.
ISS recommended voting to amend the bank's bylaws on calling for special meetings, because a 10% threshold is "a more reasonable threshold for a company of this size and ownership structure than the current threshold, " according to the report. The current threshold is 20% of shareholders with at least one-year of continuous stock ownership. It recommended voting for a report on certain vesting program because shareholders could benefit from more information about compensation.
ISS and Glass Lewis also recommended voting for more disclosure on the firms' pay clawback policies.
Write to Emily Glazer at emily.glazer@wsj.com
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