Only 31% of votes cast in a shareholder advisory referendum on Tuesday supported JPMorgan Chase in its unique $52.6-million award last yr to CEO Jamie Dimon to stay on the position for at minimum five extra yrs.
The preliminary count introduced at the assembly is an strange rebuff from shareholders.
Whilst say-on-fork out votes are only advisory and Dimon, 66, is envisioned to retain the award irrespective, they are closely adopted as a take a look at of investors’ attitudes toward govt spend.
Average guidance for pay packages at S&P 500 organizations was 88.3% in 2021, down from 89.6% in 2020 and 90% in 2019, according to consulting business Semler Brossy.
This yr two significant advisory corporations, from which investors acquire their cue when voting, experienced advisable that they vote “no” in JPMorgan’s vote for the reason that of the special award.
The further award dished out in July was the most sizeable alter in usual Dimon’s once-a-year pay out.
The award was separate from Dimon’s regular yearly pay out package, which was up 10% to $34.5 million for 2021.
The prior very low approval rate at JPMorgan considering the fact that 2010 was 62% in 2015. In most many years, far more than 90% of votes are solid in approval.
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