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JPMorgan shareholders to vote again on separate chairman and CEO

Posted by: Admin | Posted on: April 5th, 2017 | 0 Comments

NEW YORK JPMorgan Chase Co (JPM.N) shareholders will again vote on a proposal calling for the board to select a chairman who is not the company’s chief executive, according to a proxy statement filed on Wednesday for the company’s annual meeting on May 16.

The board said in the proxy that it is against the measure, which was proposed by a shareholder who contends that good corporate governance requires an independent chairman. The board and current Chairman and Chief Executive Jamie Dimon have defeated similar proposals in the past.

A year ago, a similar proposal received only 32.6 percent of votes cast at the annual meeting of the company, which is the biggest U.S. bank by assets. The biggest share the measure has won recently was 40 percent in 2012.

Bank of America Corp (BAC.N), the second-biggest U.S. bank, also has one person who is both chairman and chief executive and will hold a vote on a similar shareholder proposal on April 26.

Wells Fargo Co (WFC.N) and Citigroup Inc, (C.N) the third and fourth biggest U.S. banks, have different people in the two roles.

(Reporting by David Henry in New York; Editing by Bill Trott and Meredith Mazzilli)

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