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JPMorgan shareholders reject $52M payout to CEO Jamie Dimon
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NEW YORK – In an unusual rebuke for Jamie Dimon, CEO of JPMorgan Chase & Co, shareholders on Tuesday clearly disapproved of the special $52.6 million stock option award directors gave him last year to stay on the job for at least five more years.
JPMORGAN CHASE & CO.
BANK OF AMERICA CORP.
WELLS FARGO & CO.
In an advisory say-on-pay referendum, only 31% of votes cast endorsed JPMorgan executive payments for 2021, according to a preliminary count announced at the company's annual meeting.
Because of the special award this year two major advisory firms, from which investors take their cue when voting, had recommended "no" votes on pay.
Institutional Shareholder Services Inc and Glass Lewis & Co criticized Dimon's options as lacking performance criteria for vesting.
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In eight of the last 12 years JPMorgan had won approval from more than 90% of votes cast in its annual compensation ballots.