Sat, Apr 25, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Ahead of the vote: shareholder AFSCME speaks up on Jamie Dimon, JP Morgan vote

Monday, May 20, 2013

amb
Jamie Dimon
Bailey McCann, Opalesque New York:

Last year, the American Federation of State, County and Municipal Employees (AFSCME) pension fund, one of the shareholders of JP Morgan, brought an advisory proposal to the annual shareholder meeting that would split the roles of Chairman and CEO at the bank. The move came after high profile Chairman and CEO of JP Morgan, Jamie Dimon drew the ire of shareholders for coming out against banking regulation. Now, in the wake of the London Whale, and more high profile appearances by Mr. Dimon, AFSCME is bringing the proposal again, at the annual shareholder meeting slated for May 21, in Tampa, Florida. The proposal is also supported by the Connecticut Retirement Plans and Trust Funds, Hermes Equity Ownership Services, and the NYC Pension Funds.

Writing in an announcement of the vote the funds say, "the coalition’s decision to jointly file the proposal in 2013 reflects mounting investor concerns with the board’s oversight in the wake of the London Whale losses, recent regulatory sanctions, and its failure to fully demonstrate that it can manage the size and complexity of its balance sheet."

"A clear conflict of interest exists when a company’s board of directors, which is responsible for overseeing the company’s CEO, is chaired by the CEO. This conflict is heightene......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. U.S. does not want hedge funds to invest in offshore re-insurers for tax purposes[more]

    Komfie Manalo, Opalesque Asia: The U.S. Treasury Department on Thursday introduced a new rule aimed at limiting hedge funds’ ability to reduce their tax bills by investing in insurance companies in offshore tax havens. As a general rule, the U.S. tax laws does not allow hedge funds to use off

  2. Ruling: Hedge funds suing Argentina can have access to bond offering[more]

    Komfie Manalo, Opalesque Asia: U.S. District Judge Thomas Griesa in Manhattan ruled yesterday that hedge funds are entitled to details of a recent bond offering by Buenos Aires, reports

  3. Hedge funds looking to continue their rally in Q2[more]

    Komfie Manalo, Opalesque Asia: Hedge funds finished the first quarter on a strong note and are looking to continue the rally in the second quarter, said Lyxor Asset Management in its Weekly Brief. The Lyxor Hedge Fund Index is up 0.4% over the week

  4. Hedge funds down -0.17% in March (+1.23%YTD)[more]

    Bailey McCann, Opalesque New York: The hedge fund industry produced an aggregate return of –0.17% in March to end Q1 2015 up 1.23%, compared to the S&P 500 which increased 0.96%, according to the latest data from eVestment. Hedge fund performance returns were mixed in March amid increased equity

  5. Fund managers express concern of overvaluation in both equity and bond markets[more]

    Komfie Manalo, Opalesque Asia: According to the BofA Merrill Lynch Fund Manager Survey, investors see growing overvaluations in both

 

banner