Proxy Adviser Blasts JPMorgan's One-Off Awards to Dimon, Pinto - Banking News and Analysis -BoardProspects

Proxy Adviser Blasts JPMorgan's One-Off Awards to Dimon, Pinto

Banking News and Analysis May 9 2022 BoardNews

Proxy adviser Glass Lewis is recommending shareholders vote against JPMorgan Chase’s executive compensation at the bank’s annual meeting May 17, citing “excessive one-off grants to the CEO and [chief operating officer] amid tepid relative performance.” The bank in July gave CEO Jamie Dimon a “ special award ” of 1.5 million share options, reflecting the board’s “desire” that he “continue to lead the Firm for a further significant number of years,” according to a securities filing...
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Quotes
1. The board is acting responsibly in shareholders' best interests in case Mr. Pinto needs to once again serve as CEO as a result of unforeseen circumstances.
2. The lack of performance-based vesting conditions tied to the awards while the Company has not achieved adequate alignment between executive pay and performance warrants shareholders' scrutiny.
3. Historically, the Company's size relative to peers has helped to mitigate some of our concerns.
4. While it is important to recognize that the awards vest over a longer time frame than the Company's regular equity incentives, we do not believe this fully alleviates concerns around the magnitude of the grants and what we consider their insufficient structural integrity.
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Authors
- Dan Ennis