(Reuters) – JPMorgan Chase on Monday pushed back against recommendations made by proxy advisor Institutional Shareholder Services (ISS) on a shareholder proposal on severance payouts and the independent board chairman.
ISS had supported the proposal that two separate people hold the office of the chairman and the office of the CEO, both roles currently held by Jamie Dimon.
JPM said in a regulatory filing “this fails to match the empirical evidence of the last 18 years of leadership by the current chairman and CEO that has seen the firm become the largest U.S. bank.”
ISS had also backed a shareholder proposal that JPMorgan adopt a policy to seek shareholder approval of senior managers’ new or renewed pay package that provides for golden parachute payments. JPM had asked shareholders to vote against the proposal.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shailesh Kuber)
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