SS and Glass Lewis back shareholder resolution amid fears over power wielded by Jamie Dimon, who holds both roles
Investors in JP Morgan have been urged to vote in favour of splitting the role of chief executive and chair at America’s largest bank, amid concerns over the power wielded by its billionaire boss Jamie Dimon.
ISS and Glass Lewis, which issue advice to some of the world’s biggest fund managers on how to vote at annual investor meetings, have thrown their weight behind a shareholder resolution that would ensure two separate people hold the office of chair and chief executive “as soon as possible”. Investors are due to vote on the resolution at the bank’s annual general meeting on 19 May.
It’s about time ISS and Glass Lewis stepped in—Dimon’s been juggling both roles for way too long, and that much power in one person’s hands is risky for shareholders.
The jobs picture looks better on paper than it does in reality. (1216a1)
I get the concern over Dimon’s influence, but splitting the roles now could destabilize JPMorgan while we’re still recovering from economic uncertainty. Maybe wait a couple of years.
The fact that Dimon has been both CEO and chair for over a decade shows how entrenched he is. A separate chair could actually improve oversight, especially after the bank’s recent regulatory issues.
This resolution has been voted down before, but with ISS and Glass Lewis backing it, maybe this year will be different. Still, Dimon’s track record makes it hard for me to vote against him.
Corporate balance sheets are healthy but the outlook remains cautious. (04992c)
Retail foot traffic is declining but experiential stores are bucking the trend. (66bf85)