JP Morgan Chase investors voted down payout for CEO Jamie Dimon – New York Daily News

JP Morgan Chase shareholders have rejected an all-share retention bonus for CEO Jamie Dimon that was announced by the bank last year.

CNBC reports that less than a third of investors at the bank’s shareholder meeting voted in favor of the $52.6 million payout included in the 66-year-old executive’s 2021 compensation deal. This bonus was put in place to keep Dimon in the bank until 2026.

The vote is non-binding and the bank will have the final say on its boss’ contract. However, JPMorgan Chase spokesman Mike Fusco told Fortune on Wednesday that “the board of directors said it values ​​shareholder feedback and takes it very seriously.”

Fusco called the award offered by Dimon “extremely rare” and said it reflected “exemplary leadership” as well as incentives for a successful transition into leadership.

Consulting firm Glass Lewis reportedly advised investors against approving the bonus, citing the lack of performance-based vesting conditions and arguing that “the company’s rationale for retention bonuses” should be examined.

The New York native has run the nation’s largest bank since 2005. Dimon’s 2021 compensation at JP Morgan Chase, along with his retention bonus, is valued at $84.4 million.

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