Menu
Share
Share this story
Close X
 
Switch to Desktop Site

JPMorgan Chase shareholders to confront CEO Dimon

Next Previous

Page 2 of 3

About these ads

The California State Teachers Retirement System, the Florida State Board of Administration and the New York State Comptroller's office, which each oversee about $150 billion in assets, have said they will also vote for the split.

"Generally we support these kinds of proposals," said Ricardo Duran, information officer for CalSTRS. "We always look kindly on the separation of those two positions."

NOISY MEETING

JPMorgan is likely to face a barrage of questions about what Dimon knew, when he knew it and how a bank that has boasted of its "fortress" balance sheet could make such a major mistake.

The shakeup from those trades started Monday, as the company's chief investment officer retired.

The company now faces calls from some quarters for a "clawback" from departed executives who were responsible for the trades, including the retired CIO, Ina Drew. New York City Comptroller John Liu, who oversees the city's $400 million stake in JPMorgan, made such a call on Tuesday.

In its 2011 annual report, JPMorgan said its stock-based compensation awards were subject to such provisions. It said in its proxy filing that it could conduct a clawback review "as a result of a material restatement of earnings or by acts or omissions of employees."

JPMorgan can cancel unvested awards or require the value of distributed shares to be repaid when "the employee engages in conduct that causes material financial or reputational harm to the Firm or its business activities," according to the proxy.

Reuters was unable to reach Drew at her New Jersey home on Monday evening.

'F' ON CORPORATE GOVERNANCE

Next Previous

Page:   1   |   2   |   3


Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.

Loading...