(Adds details of shareholder proposals and earlier votes)
By David Henry
TAMPA, Florida May 20 JPMorgan Chase & Co
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)