I may have commented, some weeks ago, on the information in the JPM proxy I voted.
JPM’s shareholder return over last year, 28%, was below industry average.
Yet Jamie Dimon’s compensation ballooned from $31M the year before, to somewhere over $80M. I suggested at the time the CEO of Goldman was no doubt pressing his Board for a big raise, regardless of performance. At that level, I can’t imagine a difference in pay of several million having real utility, as I can’t conceive of how someone could productively use that much money. I figure the money is only a means of keeping score for bragging rights, so the race is on to $100M.
Seems I was not alone in voting against Dimon’s pay package.
JPMorgan investors hand Jamie Dimon a rare rebuke with disapproval of $52.6 million bonus
Just 31% of investors participating in the New York-based bank’s annual shareholder meeting voted in support of a $52.6 million award that was part of Dimon’s 2021 compensation package.
Earlier this month, proxy advisory firms…recommended that shareholders vote against the pay package of Dimon and his top lieutenant, Daniel Pinto. Including the retention bonus, Dimon’s pay last year was valued at $84.4 million.
“Excessive one-off grants to the CEO and COO amid tepid relative performance worsen long-standing concerns regarding the company’s executive-pay program,” Glass Lewis said in its report.
https://www.cnbc.com/2022/05/17/jpmorgan-investors-hand-dimo…
Of course, shareholder votes on the compensation of people who are “our employees” are non-binding. I expect the JPM Board to make the expected noises about their concern shareholders did not understand the necessity of paying Dimon so much, then ignore the vote.
Steve