JPMorgan CEO Dimon's 2008 compensation falls

NEW YORK Wed Mar 18, 2009 7:13pm EDT

Chairman and Chief Executive of JPMorgan Chase Jamie Dimon listens to questions during a keynote address on ''Global Banking and Regulatory Challenges'' at the U.S. Chamber of Commerce in Washington March 11, 2009. REUTERS/Jim Young

Chairman and Chief Executive of JPMorgan Chase Jamie Dimon listens to questions during a keynote address on ''Global Banking and Regulatory Challenges'' at the U.S. Chamber of Commerce in Washington March 11, 2009.

Credit: Reuters/Jim Young

NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon received about $19.7 million in total compensation for 2008, down from about $34 million in 2007, the company revealed in materials filed with U.S. regulators ahead of its annual shareholder meeting.

Pay and perks for bank executives has come under increasing scrutiny since the U.S. government first injected capital into banks in October and several shareholder proposals included in the materials focused on the issue of compensation for executives at JPMorgan.

Dimon's total compensation included a salary of $1 million, unchanged from 2007 and stock and options that had been awarded in previous years valued at about $18.2 million, according to the filing with the Securities and Exchange Commission.

Some pay consultants and governance experts tabulate executive pay differently, noting the summary total reported to the SEC may be imperfect because it counts options and stock awarded in previous years.

Dimon received no new stock or option awards in 2008 and he not receive a cash bonus. JPMorgan received $25 billion in government funds late last year and Dimon, along with other bank executives that testified before Congress in February, said he would not receive a bonus because of the government's cash injection.

Among other benefits recorded in the filing, Dimon's use of aircraft was valued at almost $54,000 and his use of cars at $89,000.

JPMorgan also urged the rejection of eight shareholder proposals on matters such as executive compensation, including bonuses, credit card lending practices and procedures for electing directors.

The bank will hold its annual meeting May 19.

(Reporting by Elinor Comlay; editing by Carol Bishopric and Andre Grenon)

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