JPMorgan Chase shareholders back directors, executive pay

TAMPA, Florida Tue May 20, 2014 11:55am EDT

A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar

A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013.

Credit: Reuters/Mike Segar

TAMPA, Florida (Reuters) - JPMorgan Chase & Co (JPM.N) shareholders voted overwhelmingly on Tuesday to elect all of the company's directors and also endorsed its compensation to executives in 2013.

All directors received at least 96 percent of votes cast, the company said at the close of its annual meeting. The executive pay was approved by 78 percent.

Unlike last year, when some shareholders unsuccessfully pushed to have Chairman and Chief Executive Officer Jamie Dimon stripped of one of the two titles, there were no major controversies at Tuesday's meeting.

The company won agreements earlier this year with activist shareholders to not take another vote on whether to split the roles of chairman and CEO, both of which Dimon currently holds. In exchange, the bank agreed to develop some type of public event on criteria that boards should use in setting up the two roles, activists said in February.

In addition, JPMorgan will provide more details of its risk mitigation efforts, both sides said, leading to the withdrawal of a related proposal.

Last year, a proposal to separate the chairmanship and CEO jobs brought out campaigns from both sides. Dimon's allies suggested at the time he might leave the company if he lost one of the titles. The proposal won support from just 32 percent of votes that were cast.

At last year's meeting three of 11 directors received less than 60 percent of the vote, and two left the board shortly after. The third, James Crown, was re-elected this year, according to a preliminary tally.

This year, none of the current directors were opposed by either of two major proxy advisory firms, ISS Proxy Advisory Services and Glass, Lewis & Co.

ISS recommended shareholders approve the compensation plan, but Glass Lewis recommended against it, saying the company gives directors too much leeway in deciding pay for performance.

Dimon was paid $20 million for 2013, up from $11.5 million the year before, when the company lost $6.2 billion in a derivatives trading debacle.

(Editing by Franklin Paul and Jeffrey Benkoe)