JP Morgan Chase shareholders Tuesday voted to allow Chairman and CEO Jamie Dimon to keep his dual role, rejecting a resolution co-filed by the Connecticut Retirement Plans and Trust Funds and several other investors that had proposed separating those roles and naming an independent chairman.
Connecticut Treasurer Denise L. Nappier, sole fiduciary of the $26 billion in state pension funds, had lobbied for the split, saying in February: “It is impossible to imagine how board oversight of the company’s affairs will be strengthened while CEO Jamie Dimon leads the very board that is charged with overseeing his own shortcomings.”
Nappier and others who backed the resolution were dealt a loss Tuesday at the annual shareholder meeting in Tampa, Flor. when their proposal received less than one-third of the vote.
“The Connecticut Retirement Plans and Trust Funds and many other shareholders realize that highly integrated companies…should be managed by a CEO overseeing the business, and an independent chairman leading the board in its oversight and evaluation of the CEO’s performance,” Nappier said.
Though Nappier said she looked forward to “renewed dialogue” with Board leadership, a future vote in favor of splitting the roles seems increasingly far off – support for the proposal dropped from 40 percent on an identical measure last year to 32.2 percent this year.