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Alternative Market Briefing

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

Monday, May 20, 2013

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......................

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