Over two-thirds of JPMorgan investors rejected Jamie Dimon’s pay package, the worst rebuke at a big U.S. bank in a decade. There’s no sign shareholders want him gone but his bully pulpit, like his bank, is smaller than it was a year ago, says johnsfoley
Jamie Dimon, CEO of JPMorgan Chase, speaks about investing in Detroit during a panel discussion at the Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., April 11, 2018. REUTERS/Brian Snyder/File PhotoNEW YORK, May 17 - Jamie Dimon can boast a number of superlatives: he runs the largest U.S. bank, JPMorgan
, with the biggest profit among its peers. He’s the longest serving chief executive on Wall Street, too. Now he also has a less edifying achievement to add to the collection: worst shareholder pay rebuke in at least a decade. Over two-thirds of the $360 billion bank’s investors rejected his executive pay package at its annual meeting on Tuesday. Central to the vote was a $34.5 million award for Dimon, served with options worth around $50 millionat the time of their announcement last July. Mostly, the vote is theater. Dimon doesn’t have to give his windfall back, and the bulk of it doesn’t arrive for years. Shareholders also re-elected the whole board, including Dimon, so it’s not like they want him gone.
Still, the result might be humbling. It’s not just that it’s unusual for JPMorgan, which has passed the “say on pay” test with flying colors every year since 2011, when Proxy Monitor started tallying. It’s also the worst result on Wall Street in living memory. Even Citigroup’s former boss Vikram Pandit got 45% support for his pay package in 2012, a few months before he was ousted. Of the nearly 3,000 say-on-pay votes counted by Proxy Monitor for Fortune 250 companies, only 15 have scored worse than JPMorgan just did.All may be forgiven at JPMorgan’s investor day on May 23, if Dimon says he’s sticking by his previously announced target of a 17% return on tangible equity over the next couple of years.
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