JP Morgan Chase chief govt Jamie Dimon going through shareholder backlash over £43m retention bonus
JP Morgan Chase chief govt Jamie Dimon is going through a shareholder backlash over a £43m retention bonus.
The billionaire was promised the award in inventory choices in July if he stayed for 5 extra years, having taken the helm in 2005.
Going through a backlash: Jamie Dimon was promised the award in inventory choices in July if he stayed for 5 extra years, having taken the helm in 2005.
Two key investor advisory corporations oppose the payout – setting the scene for a backlash on the financial institution’s annual assembly on Tuesday.
Institutional Shareholder Providers and Glass mentioned the award lacks efficiency necessities.
JP Morgan mentioned it ‘displays the board’s need for him to proceed to steer the agency for an extra vital variety of years’.
The vote is just advisory. And whereas Dimon, 66, is anticipated to maintain the award regardless of the end result, a major vote in opposition to can be a serious embarrassment amid a mounting disquiet over boardroom excesses.
The looming showdown comes after the world’s largest sovereign wealth fund attacked massive payouts and rewards for failure.
Nicolai Tangen, chief govt of Norway’s £1trillion oil fund, advised the Monetary Occasions: ‘We’re seeing company greed reaching a degree that we haven’t seen earlier than, and it’s actually turning into very expensive for shareholders.’