JPMorgan shareholders urged to reject three directors

NEW YORK Sat May 4, 2013 11:47am EDT

NEW YORK May 4 (Reuters) - JPMorgan Chase & Co shareholders should vote against re-election of three board members because they failed to properly oversee risk-taking that led to $6.2 billion of losses on the so-called "London Whale" trades, an influential proxy advisory firm said.

ISS Proxy Advisory Services said in a report released late Friday that directors David Cote, James Crown and Ellen Flutter should not be re-elected at the company's upcoming annual meeting because of "material failures of stewardship and risk oversight."

The firm also renewed its recommendation from a year ago that CEO and Chairman of the Board Jamie Dimon lose one of those two titles.

The company issued a statement saying it disagrees with ISS.

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