Solely 31% of votes solid in a shareholder advisory referendum on Tuesday supported JPMorgan Chase in its special $52.6-million award final yr to CEO Jamie Dimon to remain on the job for not less than 5 extra years.
The preliminary depend introduced on the assembly is an uncommon rebuff from shareholders.
Whereas say-on-pay votes are solely advisory and Dimon, 66, is anticipated to maintain the award regardless, they’re intently adopted as a take a look at of buyers’ attitudes towards government pay.
Common help for pay packages at S&P 500 firms was 88.3% in 2021, down from 89.6% in 2020 and 90% in 2019, in response to consulting agency Semler Brossy.
This yr two main advisory corporations, from which buyers take their cue when voting, had advisable that they vote “no” in JPMorgan’s vote due to the particular award.
The additional award dished out in July was probably the most important change in ordinary Dimon’s annual pay.
The award was separate from Dimon’s ordinary annual pay bundle, which was up 10% to $34.5 million for 2021.
The earlier low approval fee at JPMorgan since 2010 was 62% in 2015. In most years, greater than 90% of votes are solid in approval.