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Bloomberg
JPMorgan Chase & Co. won shareholder approval for its executive pay plan even after an advisory firm criticised the firm’s policy as too subjective and opaque.
A resolution to approve compensation for five named executive officers received backing from 72 percent of voters, according to a preliminary tally at JPMorgan’s annual shareholders meeting in Chicago. It was the lowest approval rate for the resolution since 2015.
Proxy adviser Institutional Shareholder Services Inc. raised concerns earlier this month that the bank’s compensation committee uses too much discretion when determining total pay and said the program lacks transparently disclosed performance requirements. It urged investors to vote down the resolution.
Chief Executive Officer Jamie Dimon got a $31 million pay package for his work in 2018 after the bank posted record profit. That included $24.5 million of restricted stock tied to performance, an annual base salary of $1.5 million and a $5 million cash bonus. At JPMorgan’s 2018 annual meeting, a similar pay proposal won almost 93 percent support from shareholders, according to a regulatory filing.