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May 17 - JPMorgan shareholders reject special $52.6 million payout to CEO Dimon



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 1 month ago '11        #1
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May 17 - JPMorgan shareholders reject special $52.6 million payout to CEO Dimon
 

 
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NEW YORK, May 17 (Reuters) - In an unusual rebuke for Jamie Dimon, CEO of JPMorgan Chase & Co (JPM.N), shareholders on Tuesday clearly disapproved of the special $52.6 million stock option award directors gave him last year to stay on the job for at least five more years.

In an advisory say-on-pay referendum, only 31% of votes cast endorsed JPMorgan executive payments for 2021, according to a preliminary count announced at the company's annual meeting.

In eight of the last 12 years JPMorgan had won approval from more than 90% of votes cast in its annual compensation ballots. read more

Dimon, 66, will keep the award, but such votes are closely followed as a test of investors' attitudes toward executive pay and what payouts they will tolerate.

Average support for pay packages at S&P 500 companies was 88.3% in 2021, down from 89.6% in 2020 and 90% in 2019, according to consulting firm Semler Brossy. read more


NEW YORK, May 17 (Reuters) - In an unusual rebuke for Jamie Dimon, CEO of JPMorgan Chase & Co (JPM.N), shareholders on Tuesday clearly disapproved of the special $52.6 million stock option award directors gave him last year to stay on the job for at least five more years.

In an advisory say-on-pay referendum, only 31% of votes cast endorsed JPMorgan executive payments for 2021, according to a preliminary count announced at the company's annual meeting.


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In eight of the last 12 years JPMorgan had won approval from more than 90% of votes cast in its annual compensation ballots. read more

Dimon, 66, will keep the award, but such votes are closely followed as a test of investors' attitudes toward executive pay and what payouts they will tolerate.

Average support for pay packages at S&P 500 companies was 88.3% in 2021, down from 89.6% in 2020 and 90% in 2019, according to consulting firm Semler Brossy. read more


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In response to the vote, JPMorgan directors pointed out through a spokesman the special award was extremely rare and the first for Dimon in more than a decade.

Directors said before the vote that the special award "reflects the board's desire for him to continue to lead the firm for a further significant number of years."

The board said before the vote it made the award in consideration of Dimon's performance, his leadership since 2005 and "management succession planning amidst a highly competitive landscape for executive leadership talent."

If Dimon, a billionaire, keeps working at the bank for five years the options will vest, although he could still receive them if he leaves to work for the government or to run for public office.

Stock from the options must be held until 10 years after being granted.

The award was separate from Dimon's usual annual pay package, which was up 10% to $34.5 million for 2021.

Because of the special award this year two major advisory firms, from which investors take their cue when voting, had recommended "no" votes on pay.

The board prevailed in its recommendations on all other issues. All directors, including Dimon, were re-elected with more than 92% of the votes cast, according to preliminary figures.

Two shareholder proposals on fossil fuel financing received only 11% and 15% of votes cast, consistent with weak support recently for initiatives at Bank of America (BAC.N), Citigroup (C.N) and Wells Fargo (WFC.N), as well as at big oil companies. read more

visit this link https://www.reuters.com/m .. on-2022-05-17/
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10 comments
 

 1 month ago '18        #2
BlackjesuS  topics gone triple plat - Number 1 spot x1
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Making half a mill a week for salary is dope
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 1 month ago '18        #3
ChrisPartlowFro 
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So…that plan for him to retire (which would’ve happened like a year ago) is officially kaput? goddamn Jamie.
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 1 month ago '20        #4
Born Bad 
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 1 month ago '14        #5
Nemohoes95 
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He trying to cash out before this whole system crashes. n*gga ain’t slick.
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 1 month ago '04        #6
ItAlY2BkLyN 
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Dimon, 66, will keep the award,
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 1 month ago '04        #7
7twelve  topics gone triple plat - Number 1 spot x1
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didn't know he was a billionaire.

did he used to own citi or just work there? I'm a*suming that's where the wealth came from
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 1 month ago '04        #8
TBX 
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He's still getting to keep it. Ya'll dont read, just want to post sh*t
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 1 month ago '15        #9
richmoneycash  topics gone triple plat - Number 1 spot x1
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I voted no on all raises these CEOs tryna get for the stock I own. If they ain't doing what they supposed to do them raises over with.

 1 month ago '08        #10
get_ate 
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 ItAlY2BkLyN said
I read that and was like, what's the point of the vote then?

If a shareholder's vote has no power to effectuate anything, then it shouldn't be called a "vote". What it should be called is a survey response or something else that's more representative of the truth.
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 1 month ago '21        #11
nocomment  topics gone triple plat - Number 1 spot x8
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this the dude that said bitcoin was a Ponzi to drive the price down, then started buying



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