NEW YORK May 7 A second proxy advisory firm has
said that JPMorgan Chase & Co should have an independent
board chairman over its chief executive officer and should have
some new directors.
Glass Lewis & Co said in a report on Tuesday that
shareholders should vote for a non-binding proposal calling for
a chairman who is independent of the chief executive. Jamie
Dimon now holds both positions.
Glass Lewis also recommended against re-electing six of the
11 directors on the board.
The report follows similar advice last week from ISS Proxy
Advisor Services ahead of the bank's annual meeting on May 21.
Both firms said the company's $6.2 billion "London Whale"
trading loss showed that the board failed in its oversight of
A JPMorgan spokeswoman said over the weekend that the
company disagreed with ISS's views. The board has said it
opposes the proposal for an independent chairman and that the
company's handling of the trading loss shows its current