May 10 A British pension fund adviser has joined
the calls for Jamie Dimon, chief executive and chairman of the
board of JPMorgan Chase & Co, to surrender the
PIRC, or Pension & Investment Research Consultants, an
adviser to funds on shareholder issues, recommended in a report
that investors vote against re-electing Dimon and five other
JPMorgan directors at the bank's annual meeting on May 21.
The adviser also said shareholders should vote in favor of a
resolution calling on the board to have a chairman who is
independent from company executives.
The two biggest proxy advisers based in the United States,
Institutional Investor Services and Glass Lewis & Co, have also
said the bank should have an independent board chairman and some
The firms said that investigations into JPMorgan's $6.2
billion "London Whale" trading loss show the board needs
leadership and improved oversight of management.
The firms' recommendations and the upcoming meeting have put
a spotlight on Dimon, 57, who has been widely praised for
leading the bank profitably and safely through the financial
It is not known how many JPMorgan shares are held by British
pension funds that use PIRC, said a spokesman for the adviser.
PIRC has estimated that it advises funds with combined assets of
more than 1.5 trillion pounds ($2.3 trillion).
The JPMorgan board said in the company's proxy statement
that its response to the derivatives losses demonstrated the
strength of its governance. The company has tightened risk
controls, and the board cut Dimon's pay for 2012 in half to
The board counts 10 directors other than Dimon as
independent from management. PIRC said it disagrees because five
of those directors have been on the board for more than nine
JPMorgan has the second-largest stock market value of U.S.
banks, with a market capitalization of $185 billion.